{"id":18029,"date":"2023-05-26T17:57:41","date_gmt":"2023-05-26T17:57:41","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-set-to-be-the-second-fastest-growing-region-after-asia-but-headwinds-remain-says-afdbs-african-economic-outlook-report"},"modified":"2023-05-27T11:30:43","modified_gmt":"2023-05-27T11:30:43","slug":"africa-set-to-be-the-second-fastest-growing-region-after-asia-but-headwinds-remain-says-afdbs-african-economic-outlook-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/africa-set-to-be-the-second-fastest-growing-region-after-asia-but-headwinds-remain-says-afdbs-african-economic-outlook-report","title":{"rendered":"Africa set to be the second-fastest growing region after Asia, but headwinds remain, says AfDB\u2019s African Economic Outlook report"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Sierra-Leone. <\/strong><\/span>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.<\/p>\n<p>But the projected growth will depend on global conditions and the continent\u2019s ability to bolster its economic resilience, the African Development Bank\u2019s 2023 African Economic Outlook report has found.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>The launch, attended by African leaders, experts and development partners, was one of the highlights of the Bank Group\u2019s Annual Meetings in Sharm El Sheikh, Egypt. It was under the theme, Mobilizing Private Sector Financing for Climate and Green Growth.<\/p>\n<p>The Bank Group\u2019s Chief Economist and Vice President for Economic Governance and Knowledge Management, Prof. Kevin Urama, presented the report\u2019s findings, outlining several potential policy actions for stimulating more private sector financing for climate and green growth in Africa.<\/p>\n<p>These options include tapping into the expanding global and domestic private equity and venture capital appetite for African markets and \u201ccautiously engaging with the emerging carbon markets and debt-for-climate swaps,\u201d Urama said.<\/p>\n<p>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.<\/p>\n<p>\u201cAfrican economies are moving in the right direction,\u201d Adesina said, noting that five of the six pre-pandemic top-performing economies are set to be back in the league of the world\u2019s 10 fastest-growing economies in 2023\u20132024.<\/p>\n<p>\u201cBut as we gather today, the world is facing multiple challenges, including climate change, inflation driven by higher prices of energy, commodities, and disruption of supply chains due to the ongoing Russia-Ukraine war,\u201d he said.<\/p>\n<p>The bank chief also pointed out that monetary tightening in the United States and Europe has led to rising interest rates that have compounded debt service payments for African countries.<\/p>\n<p>During a panel discussion of the report, UK\u2019s Minister of State and African Development Bank Group Governor Andrew Mitchell called for a review of the global financing architecture to unlock more green investments in developing countries, particularly Africa.<\/p>\n<p>He mentioned some of the United Kingdom\u2019s support to the continent, including providing guarantees through regional multilateral financial institutions such as the African Development Bank.<\/p>\n<p>Mitchell commended the Bank Group\u2019s leadership role in rallying global partners to mobilize financing at scale to tackle cross-cutting issues and improve capital wealth management.<\/p>\n<p>\u201cA lot of ideas are coming from the African Development Bank to grow partnerships to mobilize financing and we need to drive that going forward,\u201d he said.<\/p>\n<p>Admassu Tadesse, President and Group Managing Director of Eastern and Southern Trade and Development Bank, said he found as striking the report\u2019s focus on the scope to leverage natural capital.<\/p>\n<p>\u201cFor this report to be highlighting that in Sharm El Sheikh where COP27 took place, I think it is timely,\u201d he stressed.<\/p>\n<p>Acting Egypt\u2019s central bank governor Hassan Abdallah called for a balance in the mix of innovation and long-term credit for green initiatives.<\/p>\n<p>Dr. Heike Harmgart, Managing Director for Southern and Eastern Mediterranean region, European Bank for Reconstruction and Development, mentioned a recent approval by shareholders of the Bank to expand development assistance to sub-Saharan Africa.<\/p>\n<p>She said: \u201cWe are keen to support green growth, working with our partners. We want to see how we can work with the African Development Bank to accelerate growth in Africa.\u201d<\/p>\n<p>Mr. Christophe Bories, Deputy Director of Multilateral Financial Affairs and Treasury Development in France, also commended the report for \u201cclearly showing the strengths and weaknesses of African economies.\u201d This will allow policymakers to make the right decisions, he added.<\/p>\n<p>The African Economic Outlook report is the Bank Group\u2019s flagship annual publication that provides compelling, up-to-date evidence and analysis to inform policy decisions.<\/p>\n<p>While highlighting the challenges, the 2023 African Economic Outlook mainly focuses on opportunities to unlock private investments and know-how and tap the continent\u2019s vast natural capital to combat climate change and spur the transition to green growth.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/sierra-leone\">Sierra-Leone<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Sierra-Leone. 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\u2019s ability to bolster its economic resilience, the African Development Bank\u2019s 2023 African [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":18028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[291,293,292],"class_list":["post-18029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Africa set to be the second-fastest growing region after Asia, but headwinds remain, says AfDB\u2019s African Economic Outlook report - Sierra Leone<\/title>\n<meta name=\"description\" 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