1、Citi is one of the worlds largest financial institutions,operating in all major established and emerging markets.Across these world markets,our employees conduct an ongoing multi-disciplinary conversation accessing information,analyzing data,developing insights,and formulating advice.As our premier

2、thought leadership product,Citi GPS is designed to help our readers navigate the global economys most demanding challenges and to anticipate future themes and trends in a fast-changing and interconnected world.Citi GPS accesses the best elements of our global conversation and harvests the thought le

3、adership of a wide range of senior professionals across our firm.This is not a research report and does not constitute advice on investments or a solicitations to buy or sell any financial instruments.For more information on Citi GPS,please visit our website at GPS:Global Perspectives&Solutions Octo

4、ber 2023AFRICAA New Growth Model Citi GPS:Citi GPS:Global Perspectives&Solutions October 2023 Primary Authors David Cowan is a Managing Director and Economist at Citi Research,covering Africa(excluding South Africa).Prior to joining Citi in 2007,David worked at the Economist Intelligence Unit in Lon

5、don for eight years,initially as a senior Economist covering Ghana,Nigeria,Tanzania,Zambia,and Zimbabwe and then as Director of the Middle East and North Africa team,leading the coverage of Egypt and Morocco.Previously,David worked at the Bank of Botswana and the Saudi Arabian Ministry of Foreign Af

6、fairs.David has a PhD from the University of London and a BSc in Economics from the University of Bath.+44-20-7986-3285| October 2023 Citi GPS:Citi GPS:Global Perspectives&Solutions 2023 Citigroup 3 AFRICA A New Growth Model Although,broadly speaking,Africa rode out the pandemic-related economic cri