AfDB predicts 1.6% growth in 2023 across Africa due to inflation, rising interest rates

The African Development Bank (AfDB) recently released its 2023 Southern Africa Economic Outlook, painting a sombre picture of the region’s economic prospects. The continent’s leading development financier predicts a meagre growth rate of 1.6% for this year, attributing the downturn to climate change, inflation, rising interest rates, and persistent global shocks that continue to impact…