Saturday October 29, 2022
By Halligan Agade
East African economies are expected to grow by four percent in 2022, the African Development Bank (AfDB) said on Friday.
An aerial view of Kenya’s Nairobi Express Way. /AFP
According to the lender’s East Africa Regional Economic Outlook 2022, the region recorded a robust economic recovery in 2021, but most members are yet to achieve their pre-COVID-19 growth levels.
The report also points out several policy interventions needed to boost East Africa’s post-COVID-19 recovery and build resilience against emerging vulnerabilities as well as the short, medium, and long-term policy options for supporting climate resilience.
The findings show that the expected strong growth is not homogenous across the region, with top performers being Ethiopia, Kenya and Rwanda.
According to the report, lingering political instability notably in Ethiopia, Somalia, South Sudan, and Sudan, could weigh down on the region’s outlook, while several countries are equally faced with different climate change vulnerabilities.
“These impacts are becoming dynamic and are compounded by other shocks including commodity prices, health, and insecurity which calls for enhanced contextual risk and vulnerability assessments to inform clear adaptation and mitigation measures,” the report reads in part.