POST Online Media Lite Edition



 

Africa's GDP growth to slowdown in 2022

Christian Fernsby |
The African Development Bank (AfDB) projects that Africa's gross domestic product growth rate will dip to 4,1 percent this year.

Article continues below




Africa's gross domestic product (GDP) grew by an estimated 6,9 percent last year recovering from a pandemic-induced contraction of 1,6 percent in 2020.

Rising oil prices and global demand have generally helped improve Africa's macroeconomic fundamentals.

Zimbabwe though, Finance and Economic Development Minister Mthuli Ncube says, is still convinced it will post 5,5 percent growth, from estimated 7,8 percent in 2021, despite the headwinds posed by the war in Ukraine and a cocktail of domestic factors. In its 2022 African Economic Outlook released Wednesday this week, AfDB said: "Africa's GDP has recovered strongly in the last year, but the lingering effects of the Covid-19 pandemic, Russia's invasion of Ukraine and the ensuing war could pose considerable challenges in the medium term.

"Growth could decelerate to 4,1 percent in 2022, and remain stuck there in 2023, because of the lingering pandemic and inflationary pressures caused by the Russia-Ukraine war.

The two Eastern-European countries are major grain suppliers to Africa.

The theme of the 2022 African Economic Outlook is "Supporting Climate Resilience and a Just Energy Transition in Africa."

It highlights a growing threat to lives and livelihoods in Africa.

AfDB has responded to the likelihood of a looming food crisis with a US$1,5 billion African Emergency Food Production Facility approved by the group's executive board last week.

The bank's president, Dr Akinwumi Adesina said international efforts including those of his institution, the G20 Common Framework for Debt Treatment, and the $650 billion in Special Drawing Rights issued by the International Monetary Fund, are supporting the continent's recovery.

However, Dr Adesina said the recovery will still be costly. "Africa will need at least US$432 billion to address the effects of Covid-19 on its economies and on the lives of its people - resources it does not have," he said.

AfDB acting chief economist and vice president Kevin Urama was quoted as saying: "Climate change is the most existential challenge to Africa's development today. Finding policies that address climate adaptation and mitigation of greenhouse gas emissions while ensuring social and economic development is one of the most enduring policy challenges of our time.

"The African Economic Outlook report 2022 provides evidence-based policy options for driving inclusive growth by building climate resilience and a just energy transition in Africa."

Meanwhile, around 30 million people in Africa were pushed into extreme poverty in 2021 and about 22 million jobs were lost in the same year because of the pandemic. And the trend is expected to continue through this second half of 2022 and on into 2023.

"The economic disruptions stemming from the Russia-Ukraine war could push a further 1,8 million people across the African continent into extreme poverty in 2022. That number could swell with another 2,1 million in 2023.

"The continent's additional financing needs for 2020-22 are estimated at US$432 billion," said AfDB.


What to read next

Economic growth in Africa rebounds but not fast enough
Pan-Africa SMI at six-month low in December
World Bank predicts sharp fall in Nigeria’s GDP

U.S. Treasury sanctions jet fuel suppliers and military cronies in Burma

 
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two individuals and six entities that are connected to Burma’s military and that have enabled the military regime’s continuing atrocities, including through the importation, storage, and distribution of jet fuel to Burma’s military.
 
 

Latest

Connecticut plans to launch intensive mathematics tutoring program for students in grades 6-9
Over 10 million Pakistanis lack safe drinking water after floods
Focal Vestia N°3, floorstanding loudspeaker for accomplished performance
Japan provides emergency assistance to Mozambique

NEWS

Uganda drops requirement for COVID-19 test certificates for travelers

Preventive seizure order of over €1 million in aggravated fraud investigation in Italy
457 arrested, 441 police injured in France unrest
5 cars of freight train derail in Massachusetts
Finland greenlights Russian fertiliser cargo previously stalled at port
Montenegro says detains cryptocurrency fugitive
 

BUSINESS

Family businesses see largest growth increase in 15 years

Deutsche Bank shares fall greatly, other banks follow
TurkStream gas pipeline to be stopped for maintenance June 5-12
Austria continues to increase handling volumes at Port of Hamburg
Germany: EIB co-finances large offshore wind farm in North Sea with EnBW
Norway's sovereign wealth fund acquires 16.6% stake in German offshore wind farm for 430 million euros
 

Trending Now

Iberdrola to invest €5.3 billion in Brazil’s renewable energy transition

Accenture Q2 revenues $15.8 billion, will cut 19,000 jobs

U.S. Treasury sanctions jet fuel suppliers and military cronies in Burma

Connecticut plans to launch intensive mathematics tutoring program for students in grades 6-9


POLITICS

Hungary refuses to give up its energy security for any political reason

Utah's Republicans and Democrates together: Parental consent required for social media
Germany to initiate 49-euro nationwide transport ticket
Government workers get 100% pay raise in Zimbabwe
New York: Governor Hochul announces initiative to improve food benefit access for women, infants and children
United States Senators propose to raise mandatory pilot retirement age
 

Today We Recommend

Utah's Republicans and Democrates together: Parental consent required for social media


Highlights 

Accenture Q2 revenues $15.8 billion, will cut 19,000 jobs

Toshiba accepts $15bn buyout bid from Japan consortium

Iberdrola to invest €5.3 billion in Brazil’s renewable energy transition


COMPANIES

Emirates expands flight training academy’s aircraft fleet

Domino's Pizza pulls out of Italian market
Iran Khodro sends 2,000 cars to Venezuela
Australia grants Qantas, Emirates interim nod to coordinate on transport operations
Volkswagen’s PowerCo and Umicore receive regulatory clearance for European battery materials JV
Lebanon's Ogero workers began strike
 

CAREERS

DTiQ announces senior leadership appointment

Vanda Pharmaceuticals appoints Tage Honoré to board
Akhona Qengqe to become KFC Africa’s new general manager
Marlabs appoints Usha Jamadagni as chief delivery officer
Rolls-Royce announces new leadership for Africa
AIG director William G. Jurgensen to retire
 

ECONOMY

UK retail sales return to pre-pandemic level in February

US Federal Reserve raises key interest rate
UK inflation unexpectedly accelerates to 10.4pc
Forecast shows Colorado’s strong economy to continue growing faster than nation
BiH records almost seven percent increase of exports
Hong Kong exports decreased
 

EARNINGS

Port of Hamburg revenue up

Accenture Q2 revenues $15.8 billion, will cut 19,000 jobs
Movado Q4 sales $194.3 million
Darden Restaurants Q3 earnings increased
General Mills Q3 sales up 16%
G. Willi-Food revenues increased by 9.7%
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Minister McConalogue announces opening of €265m suckler and beef support schemes

Latvian business loses snow crab case in Norwegian court
More veterinarians coming for British Columbia pet owners, farmers
Cypriot Cabinet approves aid for citrus farmers
Peru starts exporting grapes to Japan
New Zealand: Members of black market cray fish poaching ring sentenced to home detention, community work
 

LEADERSHIP

Success of working from home depends on company health

Consumers less likely to support brands with unconventional spellings
HR practices have both positive and negative effects on employee mental health
CEO education is no guarantee of stock market success
How remote work affects managers
Incoming CEO's political views may drive director departure in firm
 

CRIME

Former Puerto Rico mayor convicted of accepting bribes

McDonald's fined $53,000 in South Korea for leaking customers data
Poland: UOKIK fines Merida Polska $573,000
SEC charges DXC Technology for misleading non-GAAP disclosures
Investigation leads to takedown of darknet cryptocurrency mixer that processed over $3b of unlawful transactions
Chicago reaches $23.8m settlement agreement with e-cigarette maker Juul Labs
 

Magazine

TRAVEL

laïla, Seychelles opens

Five day street food festival in Mangaluru brings Indian food to city
Qatar International Food Festival is back
Me Auld Flower food and drink festival coming to Dublin for St Patrick's Day weekend
Ten days of Winter Festival, a time travel back to end of 18th century Norway
Strong Beer Fest in Munich invites visitors to taste potent brews
 

SEA, LAND, AIR

Dodge Challenger SRT Demon 170, 1,025 HP for your joy

First GMC Sierra EV, power source on wheels
Ford Puma ST Powershift, most powerful 1.0‑litre EcoBoost engine
Toyota launches new Prius PHEV in Japan
Ariel Atom, serious motor sport or ultimate fun
ABT XNH, camper for those who want to expand their horizons
 

DESIGN

Juliska tableware, collections for every occasion

Wool coats, a timeless fashion investment
Venetto bedding, creating a beautiful bedroom space
Bed headboards, sleep like a king
Great rugs for generations responsibly made
Curved sofas, elegant and gentle
 

GADGETS

New Cherry microphones for professional sound quality

Mobile Fidelity UltraDeck turntable, extreme pursuit of highest level of reproduction
Nokia G22, good smartphone you can fix yourself
NAD C 3050 LE amplifier, a classic reinvented
Asus Zenbook S 13 OLED, ultralighta and powerful laptop with OLED display
Dynaudio Confidence means pure performance
 

HEALTH

RSV on the rise in South Africa, hospitals urged to prepare for paediatric admissions

China OKs its first mRNA vaccine from drugmaker CSPC
Tanzania confirms Marburg virus disease outbreak
Shortage of nurses should be treated as global health emergency
WHO accuses China Of withholding data on COVID-19 origins after report about raccoon dogs
Wyoming first U.S. state to outlaw abortion pills
 

MEANTIME

Large asteroid coming close

Kenya on high alert after Tanzania reports Marburg disease outbreak
New findings released from world's most powerful solar telescope
French court orders fishing bans to protect dolphins
Missouri ordered to reduce pollution levels
Brazilian researchers discover terrifying rocks made up of plastic debris