- January 30, 2023
- Posted by: AITRC 2
- Category: Blog
WEEKLY TRADE POLL FOR AFRICAN COUNTRIES
Africa’s Socio-Economic Recovery and Sustainable Development
Numerous crises have hit African countries, and the socio-economic recovery and sustainable development plan are critical components of stabilisation strategies for African countries. In many African countries, economic instability, poverty, and inequality are major challenges that undermine political stability, social cohesion, and human development. As a result, the Economic Commission for Africa (ECA) has urged African nations to increase development spending in order to stimulate rapid and durable growth.[1] Sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. It involves balancing economic, social, and environmental considerations to create a more equitable, prosperous, and resilient society. This is particularly important in Africa, where climate change, environmental degradation, and natural resource depletion exacerbate poverty, hunger, and conflict. The future looks promising once again for African economies. As signs of improvement emerge, there is a growing belief throughout the continent that the worst economic and financial crisis is now over.
Africa is anticipated to have the second-fastest growth rate in the world amid credible evidence of a global economic recovery powered by the expansionary fiscal measures that have been enacted all over the globe. Overall, the renaissance of the world economy will be a key factor in determining Africa’s socio-economic recovery and sustainable growth. The numerous fiscal stimulus measures that have increased domestic demand globally will help the continent. This is anticipated to lead to a rise in demand for minerals and oil, which would in turn help several African nations experience significant turnarounds. A gradual increase in foreign direct investment (FDI) and other private capital flows will also benefit Africa. [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 TRADE POLLS (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 prioritize 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.
[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: Maximizing the socio-economic gains of Africa’s energy transition (irena.org)
