WEF report 2024: sub-Saharan Africa to see moderate growth amid economic uncertainty

World Economic Forum’s (WEF) annual survey of chief economists from the public and private sector is relatively upbeat about Africa, with 65% of them expecting moderate growth in sub-Saharan Africa this year, but geopolitical rifts could hit global growth.
According to the WEF’s Chief Economists Outlook report, 56% of the chief economists polled anticipate a downturn in the global economy in 2024, echoing an earlier prediction by the International Monetary Fund (IMF). The Washington-based organization revealed that there will be a slight dip in global growth to 2.9% in 2024, coming from 2023’s 3%. In the MENA region, the economic outlook has become more subdued, with approximately six in 10 respondents in the WEF report forecasting moderate or stronger growth. This marks a decrease from earlier expectations of 78% and 79%, respectively.
The chief economists cited various factors driving the downturn, including tight financial conditions, geopolitical strife, and the rapid evolution of generative artificial intelligence (GenAI). Another significant aspect of the WEF report about the global economy in 2024 involves the role of industrial policies in shaping economic futures. Two-thirds of the respondents believe these policies will create new economic growth hotspots, though concerns about increasing fiscal pressures and a growing divide between different income economies persist. The also see GenAI as a pivotal driver of productivity, particularly in high-income economies. This technology significantly influences efficiency and innovation, with disparities in its benefits across income groups.