- January 30, 2023
- Posted by: AITRC 2
- Categories: News, Report
WEEKLY TRADE POLL FOR AFRICAN COUNTRIES
JANUARY 2023
African countries have faced multiple crises, and to stabilize their economies and ensure sustainable development, recovery plans are crucial. The challenges of poverty, economic instability, and inequality are widespread in many African countries, which in turn undermines political stability, social cohesion, and human development. In response, the Economic Commission for Africa (ECA)[1] has called for increased development spending to drive rapid and lasting growth. Sustainable development seeks to meet present needs while safeguarding the ability of future generations to meet their own needs. Achieving this involves balancing economic, social, and environmental factors to create a more equitable, prosperous, and resilient society. This is especially important in Africa, where climate change, environmental degradation, and depletion of natural resources exacerbate poverty, hunger, and conflict. Despite the challenges, there are positive signs of improvement for African economies.
According to reliable evidence, the world economy would recover from the disrupting effect of COVID-19 through the implementation of expansionary fiscal measures. This recovery is expected to impact Africa’s growth rate significantly. The various fiscal stimulus policies adopted to increase domestic demand worldwide are projected to support the continent’s economic development, leading to a rise in demand for minerals and oil. This, in turn, would enhance the prospects of significant progress in multiple African nations. Additionally, Africa is likely to benefit from an increase in foreign direct investment (FDI) and other private capital flows. Consequently, the resurgence of the global economy is also expected to play a critical role in facilitating Africa’s socio-economic recovery and sustainable growth[2].
For Africa to experience sustainable development, the next decade will be crucial. Africa is thought to be the region most vulnerable to climate change, so African countries must establish new routes to sustainable development with the collaborative support of the international community. The greatest course of action is to accept and put into practice modifications that can advance climate goals while also enhancing social inclusion, justice, and equality.[3]
WEEKLY AFRICA TRADE POLL (FOURTH WEEK JANUARY, 2023)
As a result of this frame of reference, Africa International Trade and Commerce Research (AITCR) weekly trade poll for African countries evaluate public opinion and generated responses on socio-economic recovery and sustainable development as critical components of African countries’ stabilisation strategies. Finding from the polls, reveals that 78 percent of the respondents agreed that Africa’s socio-economic recovery and sustainable development is key to its stabilisation strategy “to a large extent”, 17 percent upheld it “to an extent”, 5 percent opined it “to a little extent” while no respondent indicated “none”. Thus, implying that a larger percentage opined in the affirmative.
In conclusion, socio-economic recovery and sustainable development are key to the stabilisation strategy of African countries. They are critical to addressing the root causes of instability, promoting inclusive and sustainable growth, and building a more prosperous and resilient Africa. The poll findings and analysis reveal that most Africans agree that the socio-economic effects and sustainable development across Africa should have a welfare dimension, such that the economic, social, environmental, distributional, and access, led by government spending, are prudently prioritised to have a positive effect on the gross domestic product (GDP) and employment across the economy. Hence, African countries must pursue economic policies promoting this, including investing in key sectors such as agriculture, industry, and services and promoting innovation, entrepreneurship, and regional integration.
Finally, African countries must prioritise infrastructure, education, health, and social protection investments to achieve sustainable development. Africa must also promote good governance, inclusive institutions, and strong partnerships with the private sector, civil society, and international development partners.
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[1] Africa Urged to Increase Development Spending to Boost Economic Recovery | Ethiopian News Agency (ena.et)
[2] Africa on the road to recovery | Africa Renewal (un.org)
[3] Towards a prosperous and sustainable Africa: Maximising the socio-economic gains of Africa’s energy transition (irena.org)
