The October 2023 edition of Africa's Pulse shows that even with receding inflation, rising instability, weak growth in the region’s largest economies, climate shocks and lingering uncertainty in the global economy are causing deceleration of growth − from 3.6% in 2022 to 2.5% in 2023.
Africa faces many challenges, including a "lost decade" of sluggish growth, persistently low per capita income, mounting fiscal pressures exacerbated by high debt burdens, and an urgent need for job creation. Tackling these multifaceted issues requires comprehensive reforms to promote economic prosperity, reduce poverty, and create sustainable employment opportunities in the region. This will require an ecosystem that facilitates firm entry, stability, growth, and skill development that matches business demand.
Africa’s Pulse is a bi-annual publication of the Office of the Chief Economist in the World Bank Africa Region. It analyses the short-term economic prospects for the continent and current development challenges, as well as a special development topic.