Focus on growth forecasts in sub-Saharan Africa by the IMF in 2024
The International Monetary Fund (IMF) recently released its growth forecasts for sub-Saharan African economies in 2024, and the numbers are encouraging. According to the IMF, the region’s growth is expected to reach 4% next year, representing a significant recovery after a period of economic slowdown due to the COVID-19 pandemic.
However, despite this positive forecast, several challenges persist, notably in the Democratic Republic of Congo (DRC). Inflation, which remains very high, is one of the main concerns mentioned by the IMF. This inflation is largely attributed to the destabilization of the foreign exchange market.
Faced with these concerns, the DRC government has taken measures to mitigate inflation and stabilize the economy. Nicolas Kazadi, Minister of Finance, said at the IMF forecast presentation event in Kinshasa that steps were being taken to respond to this economic challenge. Taking steps to keep inflation under control is essential to foster sustainable economic growth.
Beyond these economic issues, other current issues have also attracted attention. For example, the AGOA (African Growth and Opportunity Act) forum was recently held in Johannesburg, South Africa. During this forum, women entrepreneurs from the DRC expressed their desire to further seize the opportunities offered by this American law which encourages trade between sub-Saharan Africa and the United States. They called for better support to maximize the benefits of AGOA for the development of their businesses.
Furthermore, an awareness campaign for family farmers was launched in Kinshasa to combat external food dependence in the DRC. This initiative, carried out in collaboration with the Ministry of Agriculture and external partners, aims to strengthen food security and encourage agricultural self-sufficiency in the country. Funding has been mobilized to support this campaign, which is part of a medium and long-term strategy to promote sustainable agriculture in the DRC.
In summary, despite persistent challenges such as inflation in the DRC, encouraging growth forecasts for sub-Saharan Africa in 2024 provide hope for economic recovery. However, it is essential to take adequate measures to face these challenges and maximize development opportunities, whether by supporting female entrepreneurs or strengthening family farming. The region’s economic future depends largely on the capacity of governments and economic actors to face the challenges and seize the opportunities that arise.