UNECA envisions prosperous Africa, calls for strategies to withstand future shocks

The United Nations Economic Commission for Africa (UNECA) says it envisions a prosperous Africa with sustainable development that maximizes opportunities for income growth, poverty reduction, and social development.

Africa is facing a triple crisis constituted by the COVID-19 pandemic, the war in Ukraine, and the impact of climate change, resulting in an economic meltdown coupled with a sovereign debt crisis for many emerging economies across the continent.

However, addressing a gathering at the 2023 African Economic Forum in Addis Ababa- Ethiopia, Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa noted that “Africa’s growth is expected to rebound to 4.1% in 2023 despite the slowdown to 3.6% in 2022 caused by global economic slowdown inflationary pressures, climate change and worsening international economic and financial conditions.”

While the increased frequency and intensity of these shocks expose long-term risks, Mr. Gatete says it also “presents an opportunity for Africa to adopt resilient strategies that will help that to help it to withstand future challenges”.

Participants at the year’s African Economic Conference are reflecting on the theme: “Imperatives for sustainable industrial development in Africa.”

Presenting the opportunity for participants to think creatively to reflect on Africa’s experience with industrialization, the political will variously expressed at national, regional, and global levels, as well as the evidence of where it has been successful globally, but particularly on the African continent, to help accelerate towards the achievement of the SDGs and aspirations of the African Union’s Agenda 2063.

Sharing the Economic Commision’s outlook for Africa, the Executive Secretary intimated that “we envision a prosperous Africa with sustainable development and that maximizes opportunities for income growth, local employment, poverty reduction and Social Development”.

He added that Industrialization is the key to sustained growth and transformation providing job skills acquisition, Innovation, and formal employment, especially for women and youth.

The Sustainable Development Goals of the United Nations target recedes by the year 20230. Given the fact the timeline is fast approaching, The Economic Commission for Africa is urging member states to review the progress made and identify the remaining tasks.

“You’ll all agree with me that at the heart of our efforts to rescue the sustainable development goals and fulfill our commitment to the Africa we want,” Gatete noted.

He added that for a more concerted effort from both state and non-state actors to drive the industrialization agenda in Africa.

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