Socio-economic Review for 2023 and Forecast for 2024

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(Extract from the 2023 Annual Report of AADFI)

The year 2023 was marked by several noteworthy events, including the ongoing Russia–Ukraine war, the conflict between Israel and Hamas militants, intensified trade disputes between China and the United States, geo-political tensions, the increased impact of climate change that prompted diplomatic agreements1, and numerous climate adaptation and mitigation measures.

Economic indicators for 2023 revealed that low productivity, inflation, and declining earnings in most G20 nations prevented living standards from rising appreciably[1]. After growing by 3.0% in 2022, the global economy expanded by 2.0% in 2023, with an expected 2.1% growth in 2024[2] (Figure 1). In 2023, the economy grew by 2.0%, significantly less than the historical average of 3.8% between 2000 and 2019. While policy tightening begins to pinch, advanced economies may grow by 1.4% in 2024 after growing by 2.6% in 2022. Growth in emerging markets and developing economies decreased slightly from 4.1% in 2022 to 4.0% in 2023, and this trend may continue in 2024[3].

[1] https://www.imf.org/en/Publications/WEO/Issues/2023/10/10/world-economic-outlook-october-2023

[2] https://www.oecd.org/economic-outlook/september-2023/

[3] https://www.oecd.org/economic-outlook/september-2023/

Extract from the 2023Annual ReportDownload

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2026 AADFI Annual General Assembly

The Association of African Development Finance Institutions (AADFI) is pleased to announce that its 2026 Annual General Assembly will take place from May 24 to 29, 2026, in Brazzaville, Republic of Congo, on the sidelines of the African Development Bank (AfDB) Annual Meetings.

The Annual General Assembly will be held on the theme “Augmenting Sovereign Finance in Africa: DFIs Unlocking Growth and Resilience through NAFA,” with a focus on the transformative role of African Development Finance Institutions (DFIs) in strengthening Africa’s financial sovereignty. The discussions will align with the AfDB-led New African Financial Architecture (NAFA), a system-level framework designed to mobilize long-term investment, reduce Africa’s cost of capital, and reinforce resilience through coordinated financial systems and deeper domestic capital markets.

The Annual General Assembly will convene leaders of African DFIs, government officials, regional institutions, and development partners to further explore how African DFIs can catalyze local investment, de-risk strategic projects, and strengthen economic autonomy to build resilience against global shocks and bridge the continent’s infrastructure funding gap.

Further details will be shared in the coming weeks.

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