Africa’s economy has shown resilience overall despite global conditions but growth needs to be in double digits to truly tackle poverty on the continent, the African Development Bank (AfDB) said on Thursday.
The pan-African economic institution also emphasised the need to create more jobs and further industrialise, during a presentation on Africa’s economic outlook at the bank’s annual meetings in Nairobi.
“African economies are operating like everybody else within a very, very challenging global context,” AfDB president Akinwumi Adesina said.
He noted high inflation and the war in Ukraine as well as the difficulties — and costs — faced by African nations seeking to raise money on global capital markets.
“Despite all of these headwinds… African economies have done pretty well,” Adesina said.
The bank is forecasting overall African economic growth at 4.3 percent next…
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