World Bank forecast: Africa's economic growth to be 3.4% in 2022
The World Bank said in the latest edition of its Pulse of Africa report that the continent's economic growth is projected to fall by 0.6% to 3.4% in 2022, down from 4% in 2021.
The projected decline is due to macroeconomic factors such as high inflation and rising costs of living. Other threats facing African economies include the negative impact of various variants of the coronavirus, disrupted supply chains, soaring public debt across Africa, climatic shocks and the general economic downturn seen around the world, especially in some of the world's largest economies.
While the mineral-rich countries of DRC and Zambia are expected to post the highest growth of 4.8% this year, Rwanda will experience the sharpest decline at 3.3%, the report says.