The Bank Group claims that the region's growth is mostly fueled by the service sector, especially commerce, and tourism. In comparison to 2021, when the region's growth was 5.4%, 2022 had a mild 4.1% growth. According to the African Development Bank, the global economic climate, including the price of fossil fuels, trade structure, tourism, and foreign direct investments, will have an impact on the region's external position. Through targeted public investment, the African Development Bank advises coordinating monetary and fiscal policies to keep the region's economy afloat, combat increased inflation, and safeguard small enterprises and communities. According to the Bank, the region must increase its resilience, particularly in the areas of the energy transition, water management, and food security.

Source: The North Africa Journal July 29, 2023 14:04 UTC