Africa-Press – Sierra-Leone. East Africa will represent the region with the highest economic performance during the period 2023 to 2024, says multilateral development finance institution the African Development Bank (AfDB).
The region is expected to experience an economic growth rate of 5.1% and 5.8% in 2023 and 2024, respectively, with countries such as Rwanda, Uganda, Ethiopia, Kenya, Djibouti and Tanzania spearheading performance.
The region’s tourism and services sectors – including the accommodation, food and entertainment industries – were largely responsible for Gross Domestic Product contribution between 2015 and 2022.
However, the AfDB notes that going forward, ‘green industries’ such as sustainable agriculture, renewable energy, Information and Communication Technology, transport and the blue economy present promising growth opportunities for East African economies.
Edward Sennoga, Second Lead Economist for the AfDB’s East African office explained that, “The region is well placed to advance its pursuit of climate and green growth ambitions, given its market size; youthful population that could double by 2050; green technology potential; and significant natural resource endowments.”
To capitalize on these opportunities, the AfDB has called on regional governments to mobilize private sector financing while improving cooperation with global development partners.
source:energycapitalpower
For More News And Analysis About Sierra-Leone Follow Africa-Press
