World News | Africa capable of developing strong single market like China and India: U.S. academia

JOHANNESBURG, 19th February (PTI) – The African continent is capable of achieving annual growth rates of 7-10% by leveraging its population to develop a strong single market, just like China and India, says a prominent American economist and academic as did.

Professor Geoffrey Sachs made the remarks at the 36th African Union (AU) summit in Addis Ababa on Saturday.

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“Creating a single market will enable Africa to join the top three global markets. The continent has the greatest potential for growth,” he said, challenging African leaders to build critical regional infrastructure and close the infrastructure gap over the next few decades .

“Africa has the capacity to develop a strong single market by leveraging its demographic strengths, with annual growth rates of 7-10%, as China and India[have done],” Sachs said.

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Sachs urged governments to lead a revolution towards affordable healthcare and education.

He also called for more financing to put the continent on a sustainable growth trajectory, noting the key role of the African Development Bank (ADB) in meeting the continent’s financial needs.

ADB Acting Chief Economist and Vice President Professor Kevin Ulama explained the importance of the report “Macroeconomic Performance in Africa and Outlook to 2023” presented at the summit.

“Today, global macroeconomic conditions are becoming increasingly uncertain as multiple shocks make policymaking and investment decisions very challenging. Countries need regular diagnostics and targeted policy actions to address these recurring and overlapping shocks ,”He said.

Urama affirms that despite the global shock, Africa remains the place to invest.

The semi-annual report provides policymakers, global investors, researchers and other development partners with an up-to-date, evidence-based assessment of the continent’s recent macroeconomic performance. It also provides a short-to-medium term outlook.

The lingering impact of the Covid-19 pandemic, the accelerated disruption of climate change and the effects of heightened geopolitical conflict and tension have slowed Africa’s average growth rate to 3.8% in 2022, the report said.

“To sustain growth, African economies will need comprehensive information and insight to navigate the complexities of global risks,” the report added.

ADB will publish the report in the first and third quarters of each year to complement its flagship annual African Economic Outlook. The African Development Bank is the first to publish its African Macroeconomic Outlook to 2023.

African leaders have pledged to take immediate action to incorporate the report’s recommendations into their national development plans.

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)