The regional outlook for Africa presents an interesting picture. In terms of sub-regional trends in 2023, growth is expected to edge up in West Africa, stabilize in Central and East Africa, and decelerate in North and Southern Africa.
The West African block has maintained some of the most impressive economic growth rates in the world over the last two decades. West Africa’s youthful population of 429 million, growing at 2.5% per year, is a strong driving force for economic growth. Through investment and more attractive investor environments, economies like Nigeria and Ghana – which are still heavily reliant on commodity prices – can diversify and ensure sustained growth. Nigeria’s economy is expected to grow by 3.2% in 2023, while Ghana’s economy could see1.6% growth, according to the latest IMF predictions.
West Africa will face uncertainty in the year ahead on many fronts, and many lives and livelihoods will continue to be affected by external shocks. However, this resilient and dynamic region, led by many private sector stars, could rise to the occasion, and emerge as one of the world’s most promising economic regions.
FOCUS on Egypt 2022
From a glorious past to a sustainable future
Egypt is at the forefront concerning sustainable economic development in Africa. Indeed, the Pharaoh’s country has attracted many investments that could permeate to other African countries, making Egypt a capital distributor among other neighbouring countries. Several international and local financial institutions, such as AfreximBank are focusing their green investments in Egypt and Africa, as the expected gains are exponential, due to the structural opportunities present in many of these countries. These opportunities are strong drivers of the widespread adoption of sustainable discourse in Africa.
In the energy sector, there are many developments and substantial projects to be explored and funded. As a consequence of the situation in Europe and the uncertainty that the Ukrainian war has generated in the global energy markets, generating tensions and energy shortages, Egypt stands as an exception to this uncertain situation. Indeed, Egypt could realise the goal of becoming the energy hub for neighbouring MENA and European countries. According to recent statements by the Egyptian minister of Petroleum and Mineral Resources, Tarek El-Molla, the gas reserves in the Eastern Mediterranean can prove to be vital for ensuring energy security in the region. Egypt could become a net energy exporter to Europe in the upcoming years while developing a dynamic local market, driven by sustainable economic development.
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