The United Nations Conference on Trade and Development (UNCTAD) underlines, in its new Trade and Development Report 2022, that Africa’s economic activity is expected to grow overall at a moderate 2.7% in 2022. and 2.4% in 2023, after a rebound of 5.1% in 2021, relays a press release published on the UN website.
In general, the prospects for growth on the continent have deteriorated, warns the document which specifies that 58 million additional Africans will fall into extreme poverty in 2022, in addition to the 55 million already pushed into extreme poverty. poverty by the Covid-19 pandemic.
The communiqué notes that 46 developing countries are severely exposed to multiple economic shocks and 48 others are seriously exposed; increasing the threat of a global debt crisis. Also, nearly 60% of low-income African countries are already in a situation of over-indebtedness or run a high risk of being so, because the levels of debt, both private and public, are reaching peaks.
Under these conditions, continues the text, these countries need external aid to feed themselves; and hunger continues to spread across the continent.
While soaring fertilizer prices, due to the war in Ukraine, threaten to reduce food production and deepen the food crisis, the situation is « particularly serious in parts of East and Central Africa ». ‘West’ due to insufficient agricultural production, multiple drought seasons and the persistence of conflicts, said Rebeca Grynspan, Secretary-General of UNCTAD.
At the global level, UNCTAD forecasts growth of 2.5% in 2022 to decelerate in 2023 to 2.2%. “There is still time to ward off the risk of a recession,” Grynspan said, adding that “we have the tools to calm inflation and support all vulnerable groups. It is a matter of political choices and political will.”
By OMA Newsletter N° 884 of 05/10/2022
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
