The lingering effects of the pandemic, the ravages of accelerating climate change and the impact of rising geopolitical conflicts and tension slowed Africa’s growth to an average of 3.8 per cent in 2022, it noted.
To sustain growth, Africa’s economies will require comprehensive information and insights to navigate a labyrinth of intertwined global risks, it said.
African leaders have pledged to take immediate action to integrate the recommendations from the report into their national development plans, according to an AfDB release.
Zambian President Hakainde Hichilema described the report as a significant milestone in the quest for evidence-based knowledge to inform policymaking for a more prosperous and sustainable future for Africa.
“The report, to be published twice a year, is a wealth of knowledge—with deep insight into what is going on in Africa in the macroeconomic sphere. It identifies challenges and opportunities for the good of our continent….If governments, the private sector and other stakeholders adopt the report, they will be better placed to make informed decisions,” said African Union Commission chairperson Moussa Faki Mahamat.
AfDB president Akinwumi Adesina noted that although African economies have shown impressive resilience, global support is needed to help the continent navigate financial burdens and its security challenges.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
