Foreign Exchange Rates

DStv Advert_020324

DStv Advert_020324

SBT Tanzania Advert_291123

Friday 26 May 2023

AFRICA SET TO BE THE SECOND-FASTEST GROWING REGION AFTER ASIA, BUT HEADWINDS REMAIN, SAYS AfDB’S AFRICAN ECONOMIC OUTLOOK REPORT


Africa is set to be the second-fastest growing region in the world after Asia in 2023-24, demonstrating the resilience of its economy despite dealing with multiple global shocks.

But the projected growth will depend on global conditions and the continent’s ability to bolster its economic resilience, the African Development Bank’s 2023 African Economic Outlook report has found.

The report, launched on Wednesday, forecasts that Africa will consolidate its post-Covid-19 pandemic recovery to 4.3% GDP growth in 2024 from 3.8% in 2022. Some 22 countries will record growth rates above 5%, it says.

It recommends robust policy actions, including incentivizing green industries and providing guarantees at scale to de-risk private sector investments in managing natural capital across the continent.

The launch, attended by African leaders, experts and development partners, was one of the highlights of the Bank Group’s Annual Meetings in Sharm El Sheikh, Egypt. It was under the theme, Mobilizing Private Sector Financing for Climate and Green Growth.

The Bank Group’s Chief Economist and Vice President for Economic Governance and Knowledge Management, Prof. Kevin Urama, presented the report’s findings, outlining several potential policy actions for stimulating more private sector financing for climate and green growth in Africa.

These options include tapping into the expanding global and domestic private equity and venture capital appetite for African markets and “cautiously engaging with the emerging carbon markets and debt-for-climate swaps,” Urama said.

Unveiling the 220-page report, African Development Bank Group President Akinwumi Adesina said African countries must do more, including mobilizing more domestic resources and restructuring debt to withstand global headwinds.

No comments:

Post a Comment