Addis Ababa, December 28, 2024 (FMC) – Africa is one of the fastest-growing regions in the global economic landscape in 2024, according to the International Monetary Fund (IMF). Amid rapid and profound changes in the world, the vast continent’s potential and vitality have solidified its role as a key player in shaping the future.
In 2024, Africa has taken center stage on the global development agenda, demonstrating the continent’s resilience and its deepening ties with the Global South in the international arena.
From the 19th Summit of the Non-Aligned Movement and the 3rd South Summit held in Uganda to the Forum on China-Africa Cooperation (FOCAC) Beijing Summit, Africa has showcased its determination and capability to unite the Global South in achieving shared development and pursuing modernization.
According to the International Monetary Fund, Africa is one of the fastest-growing regions in the global economic landscape in 2024. Amid rapid and profound changes in the world, the vast continent’s potential and vitality have solidified its role as a key player in shaping the future.
GROWTH ENGINE OF FUTURE
Amid a complex and evolving global landscape, African nations are seeking self-reliant development through regional integration.
According to the African Development Bank, Africa’s economic growth is projected to rebound to 3.7 percent in 2024, exceeding the global average, and climb to 4.3 percent in 2025, making it the world’s second-fastest-growing region after Asia.
Many African countries held elections this year. From the Comoros in East Africa to Senegal in West Africa, most elections were conducted smoothly and orderly. The new governments have placed economic development at the forefront of their agendas, recognizing that self-reliance is essential for carving out a competitive position on the global stage.
To this end, African countries are accelerating the implementation of the African Continental Free Trade Area (AfCFTA). The agreement has been enacted in several nations, including South Africa, Ghana and Kenya. According to a report by Al-Mal News, an Egyptian daily, intra-regional trade is projected to grow from 192.2 billion U.S. dollars in 2023 to 520 billion dollars by 2030 following the launch of the AfCFTA.
The World Bank forecast that the AfCFTA could increase the continent’s income by 7 percent by 2035 and lift 30 million people out of extreme poverty. Meanwhile, countries are ramping up investments in technological innovation and talent development, driving industrial upgrades through initiatives such as establishing research funds and developing technology parks.
According to a report by the International Telecommunication Union, the number of internet users in Africa has surged from 181 million in 2014 to nearly 646 million in 2024, and this figure could exceed 1.1 billion by 2029, which will enable Africa to integrate more effectively into the global economy.
Africa’s development is fueled not only by its strong internal momentum but also by the rise of the Global South. At this year’s G20 summit in Brazil in November, China outlined its eight actions for global development, including pursuing high-quality Belt and Road cooperation and supporting African development. These pragmatic measures have been widely recognized by developing countries.
Moreover, China, Brazil, South Africa and the African Union (AU) jointly launched an Initiative on International Cooperation in Open Science to bring the benefits of global scientific and technological innovation to the Global South.
“We committed ourselves to have a vision that transcends national borders and individual interests while recognizing that the force of Africa resides in its unity,” said Moussa Faki Mahamat, chairperson of the AU Commission, at the fourth Ordinary Session of the sixth parliament of the Pan-African Parliament in South Africa in November.
GROWTH ENGINE OF FUTURE
Amid a complex and evolving global landscape, African nations are seeking self-reliant development through regional integration.
According to the African Development Bank, Africa’s economic growth is projected to rebound to 3.7 percent in 2024, exceeding the global average, and climb to 4.3 percent in 2025, making it the world’s second-fastest-growing region after Asia.
Many African countries held elections this year. From the Comoros in East Africa to Senegal in West Africa, most elections were conducted smoothly and orderly. The new governments have placed economic development at the forefront of their agendas, recognizing that self-reliance is essential for carving out a competitive position on the global stage.
To this end, African countries are accelerating the implementation of the African Continental Free Trade Area (AfCFTA). The agreement has been enacted in several nations, including South Africa, Ghana and Kenya. According to a report by Al-Mal News, an Egyptian daily, intra-regional trade is projected to grow from 192.2 billion U.S. dollars in 2023 to 520 billion dollars by 2030 following the launch of the AfCFTA.
The World Bank forecast that the AfCFTA could increase the continent’s income by 7 percent by 2035 and lift 30 million people out of extreme poverty. Meanwhile, countries are ramping up investments in technological innovation and talent development, driving industrial upgrades through initiatives such as establishing research funds and developing technology parks.
According to a report by the International Telecommunication Union, the number of internet users in Africa has surged from 181 million in 2014 to nearly 646 million in 2024, and this figure could exceed 1.1 billion by 2029, which will enable Africa to integrate more effectively into the global economy.
Africa’s development is fueled not only by its strong internal momentum but also by the rise of the Global South. At this year’s G20 summit in Brazil in November, China outlined its eight actions for global development, including pursuing high-quality Belt and Road cooperation and supporting African development. These pragmatic measures have been widely recognized by developing countries.
Moreover, China, Brazil, South Africa and the African Union (AU) jointly launched an Initiative on International Cooperation in Open Science to bring the benefits of global scientific and technological innovation to the Global South.
“We committed ourselves to have a vision that transcends national borders and individual interests while recognizing that the force of Africa resides in its unity,” said Moussa Faki Mahamat, chairperson of the AU Commission, at the fourth Ordinary Session of the sixth parliament of the Pan-African Parliament in South Africa in November.
RISING POWER OF AFRICA
In 2024, Africa has reaffirmed its strong commitment to building a more just and equitable international order. This is evident in its advocacy for reforms in global governance, efforts to mediate geopolitical crises and advancements in energy transition.
On Jan. 1, Egypt and Ethiopia officially joined BRICS, marking another African addition to BRICS cooperation following South Africa’s participation.
The expansion of the BRICS membership highlights the bloc’s intention to enhance multilateral cooperation and uphold the voice and interests of developing countries at various international and regional forums, said Egyptian President Abdel-Fattah al-Sisi.
In November, the AU participated as a full member in the G20 summit for the first time, joining others to call for a fairer international financial system, advocating for debt relief, and safeguarding the interests of developing countries. On Dec. 1, South Africa assumed the G20 presidency, becoming the first African nation to hold this position. The theme of its presidency, “Solidarity, Equality, and Sustainability,” reflects a distinct African vision for future global governance.
The AU’s entry into the G20 “provides a platform for African nations to address critical global issues,” said Balew Demissie, a communication and publication consultant at the Policy Studies Institute of Ethiopia.
“Through its participation, the AU can address challenges such as poverty, underdevelopment, and climate vulnerability while strengthening regional solidarity and increasing Africa’s influence on global policy decisions,” Demissie said.
Analysts observed that Africa is reassessing its developmental trajectory, seeking to break free from the constraints of Western development models and striving for political, economic and cultural independence. This shift is often described as Africa’s “second awakening” since the national liberation movements in the mid-to-late 20th century.
Africa is no longer content to be the “silent majority” and is emerging as a key force in reshaping the international order, with African leaders actively pursuing political solutions to the Israeli-Palestinian conflict within multilateral frameworks and underlining their resolve to promote global peace, development and justice.
The AU’s Agenda 2063 envisions Africa as “an integrated, prosperous and peaceful continent, driven by its own citizens and representing a dynamic force in the global arena.” To achieve this vision, African countries are playing an active role in Global South partnerships.
“Africa has a stake in a truly multilateral global order,” said Mwangi Wachira, former World Bank economist and advisor to the Kenyan government. “Hopefully, it will have more than a token role in the ongoing drive for an equitable multilateral global order.”