The African Development Bank (AfDB) expects 18 countries, including Mozambique and Cape Verde, to have economic growth above 5% this year, with the outlook for the continent standing at 4%, according to estimates presented on Wednesday.

In the document "Africa's Economic Outlook", released during the AfDB Group's annual meetings in Egypt, the bank indicates a recovery in the growth of the African continent's economy this year, to 4%, and further consolidation to 4.3% in 2024.

"Our projections show that 18 African countries will have growth rates [of their Gross Domestic Product, or GDP] in excess of 5% in 2023, a figure that is expected to rise to 22 in 2024," says the document, presented by the bank's governors and economists at a high-level plenary session during the annual meetings.

Among the countries with expected GDP growth above 5% are Mozambique, with a projection of 6.6%, and Cape Verde, with 6%, while Guinea-Bissau is very close, with 4.9%, for Angola the estimate is 3.7% and for São Tomé and Príncipe 1.8%.

This recovery in African economic growth comes after real GDP was estimated at 3.8% in 2022, down from 4.8% in 2021, "due to the multiple and dynamic shocks" that "weighed on Africa's growth momentum".

Despite this, GDP growth in 2022 is above the global average of 3.4%, and all but two African countries have recorded positive growth rates.

"This also demonstrates remarkable resilience, evident in the projected consolidation of growth in the medium term," the ADB argues in its macroeconomic outlook.

This continued resilience, the institution believes, will be reinforced by the expected improvements in the world economy, fueled by the reopening of China and a downward adjustment of interest rates, as the tightening of monetary policy on inflation begins to bear fruit.

Growth will depend on the economic characteristics of each country, with the rise in oil exports suggesting that producer countries will benefit from the prices of this raw material, which, despite the recent drop, remain high.

Non-resource-intensive economies will benefit from their more diversified economic structures, stresses the ADB, emphasizing the importance of diversification in resisting shocks.

Of the various risks to Africa's economic performance, the AfDB highlights the tightening of global financial conditions and the appreciation of the US dollar, which "exacerbates debt servicing costs and could increase the risk of indebtedness" and the prolongation of Russia's invasion of Ukraine.

Internally, it points to the situation of food insecurity and the cost of living in Africa, as well as climate change, which "continues to threaten lives, livelihoods and economic activities".

The annual meetings of the African Development Bank Group began on Monday and run until Friday in Sharm el Sheikh, Egypt, with the theme of the multiple working sessions being "Mobilizing private sector finance for climate and green growth in Africa". (Expresso)