African leaders pledge urgent action to sustain recovery, build resilience
By Favour Nnabugwu
By Favour Nnabugwu
The African Development Bank Group released the inaugural Africa’s Macroeconomic Performance and Outlook which attracted significant interest among decision-makers in Africa and globally.
The biannual report offers policymakers, global investors, researchers, and other development partners, up-to-date, evidence-based assessments of the continent’s recent macroeconomic performance. It also provides a short-to-medium-term outlook.
In his opening remarks, African Union Commission Chairperson Moussa Faki Mahamat told participants that the report would be presented to heads of state at the African Union Summit to help steer national planning. Adesina said.
He called for strong and collective support to Africa to help the continent navigate the challenges it faces, especially debt burden and debt vulnerabilities.
The bank president explained further: “Africa cannot run up the steep hill carrying a bag of debt on its back. The channeling of the additional $100 billion of Special Drawing Rights will make a huge difference. We must join hands to harness the enormous opportunities in Africa. There is no doubt that we will make good progress. However, we must work fast, be inclusive, and be competitive.”the G-21,” he added.
Acting Chief Economist and Vice President of the African Development Bank, Prof Kevin Urama, highlighted the importance of Africa’s Macroeconomic Performance and Outlook 2023.
He said: “As we gather here today, global macroeconomic conditions have become increasingly uncertain due to multiple overlapping shocks that make policymaking and investment decisions very challenging. Countries need regular diagnostics and focused policy actions to address these recurring and overlapping shocks.”
Professor Urama affirmed that Africa remains the place to invest despite suffering global shocks.
What the 2023 Africa’s Macro-Economic Performance and Outlook report says
Following two years of global shocks, the report notes that African economies are set to overcome various domestic and global shocks and return to a path of economic recovery, stability, and growth.
The lingering effects of the Covid-19 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% in 2022.
To sustain growth, Africa’s economies will require comprehensive information and insights to navigate a labyrinth of intertwined global risks, the report stated.
The bank will release the report in the first and third quarters of each year to complement its flagship Annual African Economic Outlook. The African Development Bank is the first institution to release a macroeconomic outlook for Africa for 2023.