The African Development Bank (AfDB) recently released its 2023 Southern Africa Economic Outlook, painting a sombre picture of the region’s economic prospects.
The African Development Bank and other multilateral development banks released a set of principles to ensure climate financing aligns with the goals of the Paris Agreement.The African Development Bank and other multilateral development banks released a set of principles to ensure climate financing aligns with the goals of the Paris Agreement.
Covering 13 countries in the Southern African block, the region has borne the brunt of the aftermath of the COVID-19 pandemic, with moderate economic growth observed over the past two years, expected to persist on a sluggish trajectory.Lead Economist at the African Development Bank, George Kararach, cautions that growth is likely to slow down in Southern Africa to approximately 1.6% in 2023, with a slight improvement to around 2.7% in 2024.
Moreover, the tightening of monetary policies in the United States and Europe has resulted in rising interest rates, posing additional challenges for African countries, particularly in managing their debt service payments.In response to these multifaceted challenges, the AfDB emphasises the urgent need for enhanced green growth and climate resilience measures. The Bank highlights the role of the private sector in mobilising financing for climate and green growth initiatives on the continent.
Regional Director General at the African Development Bank, Leila Mokaddem encourages dialogue on macroeconomic issues and climate change pressures, urging both regional and national policymakers to utilise the report for formulating effective strategies.
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