Africa’s economy is
expected to grow 3.5 per cent in 2018, an increase of 0.3 percentage points
from 2017, a UN official said recently.
expected to grow 3.5 per cent in 2018, an increase of 0.3 percentage points
from 2017, a UN official said recently.
Speaking at 30th AU Summit being held in
Ethiopia’s capital Addis Ababa, Vera Songwe, Secretary-General of the UN
Economic Commission for Africa (UNECA), said the growth uptick will be
underpinned by strengthened external demand and moderate increase in commodity
prices.
Ethiopia’s capital Addis Ababa, Vera Songwe, Secretary-General of the UN
Economic Commission for Africa (UNECA), said the growth uptick will be
underpinned by strengthened external demand and moderate increase in commodity
prices.
She said the growth will also be supported by
more favorable domestic conditions including restoration of oil production in a
number of countries and expected recovery in 2018 and 2019 of major economies
like Egypt, Nigeria and South Africa.
more favorable domestic conditions including restoration of oil production in a
number of countries and expected recovery in 2018 and 2019 of major economies
like Egypt, Nigeria and South Africa.
However, she said the growth would not be
enough for the continent’s rising population of more than one billion, 70 per
cent of whom are categorized in the youth group.
enough for the continent’s rising population of more than one billion, 70 per
cent of whom are categorized in the youth group.
Songwe said: “adjusting for population growth,
the projected economic growth remains inadequate for Africa to make significant
progress towards the Sustainable Development Goals (SDGs), the eradication of
poverty and hunger.
the projected economic growth remains inadequate for Africa to make significant
progress towards the Sustainable Development Goals (SDGs), the eradication of
poverty and hunger.
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| Secretary-General UN Economic Commission for Africa, Vera Songwe Photo credit: UNECA |
“Although poverty level is reducing, it is
still intolerably high at an average of 40 percent for the continent. As Such,
there’s need to upscale efforts at structural reforms, prudent economic
management and promoting regional integration.”
still intolerably high at an average of 40 percent for the continent. As Such,
there’s need to upscale efforts at structural reforms, prudent economic
management and promoting regional integration.”
In a related development, the Executive
Secretary of African Free Zone Association, Chief Chris Ndibe maintained that
the projection in economic development is achievable and can be surpassed if
the countries in the continent will give attention to the development of Free
Trade Zones and Special Economic Zones in the continent. Talking to journalists
in his office in Abuja said that the programme of SDG should incorporate the
advantages of Free Trade Zone and promoting regional integration.
Secretary of African Free Zone Association, Chief Chris Ndibe maintained that
the projection in economic development is achievable and can be surpassed if
the countries in the continent will give attention to the development of Free
Trade Zones and Special Economic Zones in the continent. Talking to journalists
in his office in Abuja said that the programme of SDG should incorporate the
advantages of Free Trade Zone and promoting regional integration.
Sustainable Development Goals are United
Nations- sponsored effort to create a common set of development goals for all
communities in every country, with a deadline for attainment by 2030. The idea
is to get governments, aid organisations, foundations and NGOs on the same page
about what global problems most urgently need to be solved and how to measure
progress and solutions.
Nations- sponsored effort to create a common set of development goals for all
communities in every country, with a deadline for attainment by 2030. The idea
is to get governments, aid organisations, foundations and NGOs on the same page
about what global problems most urgently need to be solved and how to measure
progress and solutions.
Adopted in September 2015, the SDGs replaced the
Millennium Development Goals which were in place for the past decade and half.
Millennium Development Goals which were in place for the past decade and half.
Impressive as the working document produced by
the high-level UN Open Working Group is, the SDG took effect since January
2016, the early question that poses itself is “what next for the continent of
Africa”.
the high-level UN Open Working Group is, the SDG took effect since January
2016, the early question that poses itself is “what next for the continent of
Africa”.
As indicators for the SDG target remain under
debate, African Union through her relevant department should incorporate in the
debate, achieving Global Value Chain (GVC) among the producing countries in
Africa with its relevance in growth, diversification and competitiveness
through the Free Trade Zone Scheme. The Free Trade Zone Scheme, if given the
desired attention will propel the economy of the continent faster than is
projected. Above all is mopping up of the joblessness on the streets of every
host country
debate, African Union through her relevant department should incorporate in the
debate, achieving Global Value Chain (GVC) among the producing countries in
Africa with its relevance in growth, diversification and competitiveness
through the Free Trade Zone Scheme. The Free Trade Zone Scheme, if given the
desired attention will propel the economy of the continent faster than is
projected. Above all is mopping up of the joblessness on the streets of every
host country
