The AfDB sounded the warning in its macroeconomic performance and outlook for 2024, in which it projected Africa’s economy to grow higher than the three point two per cent recorded in 2023.
The AfDB projected that growth on the continent will rebound to three point eight per cent in 2024.
However, the bank cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could trigger internal conflicts.
Also, the AfDB said the rise of geopolitical tensions in Eastern Europe and the Middle East in addition with the El Nino phenomenon, may trigger supply chain disruptions, which could aggravate energy and food inflation across the world with Africa more vulnerable to these shocks.
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