The African Development Bank Group will launch the 2024 flagship African Economic Outlook (AEO) report on May 30, 2024, during its annual meetings in Nairobi, Kenya. The report provides an overview of Africa’s progress in transforming its economy and sustaining development over the past decades. Moreover, it assesses the key drivers, constraints, gaps and policy options to drive the continent’s growth.
Every year, the African Development Bank Group releases the AEO report to provide policymakers with critical evidence and analysis that empowers their decision-making process. This year’s theme, ‘Driving Africa’s Transformation: The Reform of the Global Financial Architecture’, seamlessly aligns with the bank’s annual meetings’ theme.
Accelerating Africa’s transformation
The African Development Bank Group acknowledges the importance of supporting Africa’s transformation for the continent to catch up with other regions globally. This allows the continent to get back on track towards achieving the UN Sustainable Development Goals (SDGs), the African Union’s Agenda 2063, and the African Development Bank’s High 5s development priorities. Therefore, this transformation is vital for Africa to effectively engage and thrive within global value chains.
Therefore, the bank group will not only launch the AEO report but also the Regional Economic Outlooks and Country Focus Reports later this year to provide further insights into regional and country-level policymaking.
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Building resilient economies
The recurring and overlapping global shocks, in addition to the rapidly widening financing gaps, highlight the urgent need for Africa to refocus its attention on structural transformation to build more resilient economies. This comes amidst global declines in concessional resources for development and increasing non-concessional resources due to rising interest rates.
Looking ahead, the African Development Bank Group will launch the African Economic Outlook report this year during the annual meeting. The meeting will see a presentation of the report’s highlights and a discussion of the findings to highlight Africa’s progress and areas of improvement.
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