A new report from the World Bank has revised its economic forecast for Africa, revealing a slower-than-expected growth rate for 2024. The continent's economies are expected to grow at a rate of 3.5%, down from the initial projection of 3.8%. This slowdown is attributed to internal and external socio-economic and political complications.

The report highlights Equatorial Guinea as the country with the lowest economic forecast, with a growth rate of -4.3%. Other countries with low economic forecasts include Sudan, South Africa, and Central Africa Republic.

While the growth rate in low-income economies is expected to increase from 3.8% in 2023 to 5% in 2024, the report notes that Sub-Saharan Africa's growth rate decreased to less than 3% in 2023. The region's economies continue to struggle with weak government balance sheets, low tax collection, and high debt-service expenses.

The slowdown in economic growth is significant for the tech and startup community, as it may impact investment, innovation, and job creation in the region.