2018 African Economic Outlook shows economies resilient to negative shocks

It puts African growth at 3,7% last year up on 2016’s 2,4% and forecasts 4,1% for the year ahead.

Africa leaders gathering for a photo call ahead of the 30th African Union summit in Addis Ababa. Picture: @_AfricanUnion/Twitter

PRETORIA - The African Economic Outlook presented at Addis Ababa on the eve of the 30th African Union summit says the continent’s economies have been resilient to negative shocks, but poor infrastructure is a serious impediment to inclusive growth.

It puts African growth at 3,7% last year up on 2016’s 2,4% and forecasts 4,1% for the year ahead.

The Economic Outlook is the African Development Bank’s flagship analysis of the state of African economies.

The Bank’s Chief Economist and Vice-President for Economic Governance and Knowledge Management, Célestin Monga, says the report is presented now to give policy-makers enough time to reflect on the recommendations for economic planning and transformation.

Monga says growth was driven by improved global economic conditions, better macroeconomic management, recovery in commodity price, sustained domestic demand and improvements in agriculture production.