The intersection of the coronavirus disease (COVID-19) pandemic, the war between the Russian Federation and Ukraine and the effects of climate change has exacted a huge toll on African development, exacerbating poverty and inequality and reversing the gains that had been made in poverty reduction in the past two decades.

UNCTAD’s Economic Development in Africa Report 2023 examines the continent’s potential to become a major participant in global supply chains for high-technology sectors like automobiles, mobile telephones, renewable energy and health care.

Eswatini’s economy has been characterized by persistent low growth, high fiscal deficits, and unprofitable state-owned enterprises (SOEs). Without significant reform, the country is unlikely to achieve its socioeconomic aspirations, and poverty and unemployment are likely to remain high.

In this time of global upheaval and a rapidly changing climate, the economies of Sub-Saharan Africa stand to benefit from vast endowments in natural resources and the transition to a low-carbon economy.

Central Africa achieved real GDP growth of 5.0 percent in 2022, compared with 3.4 percent in 2021. The rebound in economic activity was driven by favourable prices for raw materials, in a region that is home to net exporters of crude oil, minerals and other commodities.

This report relies on several data sources.

West Africa experienced slower economic growth over the past year except for Cabo Verde, The Gambia, Guinea, Mali, and Niger, according to the African Development Bank’s 2023 West Africa Economic Outlook report.

The African Development Bank’s East Africa Economic Outlook 2023 reviews the economic performance of 13 Eastern African countries over the past year. The countries are Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania, and Uganda.

North African countries are projected to see a slight increase in economic growth to 4.6 percent in 2023 and 4.4 percent in 2024, and should make green growth an urgent priority, according to the African Development Bank.

The Gambia’s economy continued to recover in 2022, albeit at a subdued pace in a sluggish global economic environment. Real GDP increased by 4.3 percent (1.8 percent in per capita terms) in 2022, unchanged from 2021, when economic growth was recovering from the COVID-19 pandemic following a sharp deceleration to 0.6 percent in 2020.