Central Africa recorded remarkable economic performance in 2022, outperforming other regions of the African continent in terms of growth, inflation and budget deficit. According to the annual report of the African Development Bank, this region showed a growth rate higher than the African average, reaching 4.8% in 2022, compared to an average of 3.8%. This trend is expected to continue with growth forecasts of 4.9% in 2023 and 4.6% in 2024.
The situation of the economic sector in Central Africa is supported by the Democratic Republic of Congo, which recorded growth of 8.5%, thus contributing to regional performance. This growth is mainly driven by the services sector, which represents 42.1% of the region’s nominal GDP. The industrial sector occupies a significant share with 41.4% of nominal GDP in 2022, while agriculture remains behind, representing only 16.5%.
Despite these promising figures, Central Africa faces financial challenges. Although the public finance situation has improved in 2022, the region still faces a budget deficit, with an overall budget balance estimated at 0-6% of GDP. To cope with the effects of climate change, Central Africa would need around $128 billion between 2020 and 2030, or around $11.6 billion per year.
These positive economic results illustrate the efforts made by Central Africa to improve its economic integration. However, it is essential to continue mobilizing private sector finance to support green growth and address sustainable development challenges in the region.
In conclusion, Central Africa stands out as a region with strong economic potential, recording solid growth, controlled inflation and improved public finances. However, additional efforts are needed to attract private sector investment and promote climate change adaptation measures. This encouraging economic performance opens new perspectives for sustainable development and regional integration in Central Africa.