By VINCENT OWINO More by this AuthorAfrican Development Bank (AfDB) says the continent’s economies are expected to grow faster than global projections this year, but budget and trade deficits will continue to weigh down most of the countries as risks persist. In its Africa’s Macroeconomic Performance and Outlook report released Thursday, the AfDB said the continent’s GDP growth rate decelerated to 3.8 percent in 2022. AfDB president Akinwumi Adesina said that this recovery and resilience of the continent’s economies, however, come with “cautious optimism” as there are several headwinds still facing the globe’s emerging markets. But high interest rates in the global scope remains the highest risk to African economies in the near term. AfDB has suggested a series of fiscal and monetary policy interventions to stabilise economies and hasten recovery from the turbulence witnessed in the last two years.

Source: Daily Nation January 24, 2023 19:27 UTC