African Economic Outlook -2018
African Development Bank (AFDB) released the 2018 edition report, “African Economic Outlook” on January 17, 2018. The report regarded as the ultimate reference point on continent’s economic progress, has estimated a 4.1% GDP growth and presents a comprehensive analysis of the state of the economy.
During the launch of the report, President of African Development Bank AkinwumiAdesina has made a compelling case for accelerating industrialization in order to create jobs, reduce poverty and promote inclusive economic growth.
The Report’s spotlight is on the critical role of infrastructure development in realizing Africa’s economic agenda. The continent needs at least US$130 billion for infrastructure development each year. AFDB Report urged countries to consider new strategies and innovative financing instruments to bridge the infrastructure gap. The Bank would organize the Africa Investment Forum on November 7-8, 2018 in Johannesburg, South Africa, to discuss about ways and means for mobilizing funds for infrastructure development.
The past three decades witnessed a remarkable change in Africa’s international relations. From a European focus , the continent is shifting its gaze to the East. India has left a remarkable footprint in the economic engagement across Africa. Admittedly, it offers more avenues for Indian businesses and a win-win situation for both.
During the AFDB Annual General Meeting held in Ahmadabad, in May 2017, African Development Bank urged India Inc and the Government to accelerate business engagement with Africa. AkinwumiAdesina, who chaired the meeting, invited Indian companies to look at African power, infrastructure and farming sectors and step up its engagement with the continent.
It is hoped that Indian Industry will examine these emerging opportunities.
Sheila Sudhakaran
