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Optimism abounds as Eastern Africa's economic recovery gathers pace

11/22/2021 | 12:54am EDT

Kigali, 21 November 2021 (ICE) - About 100 decision-makers and economic experts attended the 25th session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE) organised by UN Economic Commission for Africa in Eastern Africa to discuss how countries should strengthen resilience for a strong recovery and how to attract investments to foster economic diversification and long-term growth in Eastern Africa".

Speaking at the meeting, Ms Vera Songwe, the Executive Secretary of the UNECA, stressed how in 2020, the economy of Eastern Africa shrunk for the first time in decades. She said that the agricultural sector was not spared, facing weather-related shocks and the biggest desert locust invasion in 70 years. "The region lost millions of jobs" she noted.

Ms Songwe emphasised her optimism, saying that early projections suggest that the region's economy will expand by 3% this year, with certain economies such as Djibouti, Eritrea, Rwanda and Uganda rebounding by over 4%. She also noted the progress that had been made towards ratification of the African Continental Free Trade Area (AfCFTA) and affirmed ECA's continued support to the implementation of national strategies.

The guest of Honour at the meeting was Mr Uzziel Ndagijimana, Minister of Finance and Economic Planning of Rwanda who highlighted how the regional economies had proven to be resilient with Africa recording the least economic contraction globally in 2020 at -1.7%. Minister Ndagijimana appealed for all countries to harness the advantages of the AfCFTA and to create a conducive business environment by adopting business-friendly approaches and easing bureaucratic processes regionally.

Participants at the meeting also discussed a detailed comparative analysis of the macroeconomic situation in East Africa taking stock of the impact of the pandemic from both an economic and social perspective.

Mr Andrew Mold, Chief of the Regional Integration and AfCFTA cluster at ECA in Eastern Africa presented the overview of the report on Macroeconomic and Social Developments report in East Africa in 2020/21.

The report noted that the Eastern African was estimated to have lost the equivalent of 18 million jobs lost in the second quarter of 2020 alone (ILO, 2021). Several countries adopted fiscal packages in response to the crisis, notably to support incomes and businesses. But the scale of the stimulus packages is insufficient to replace the jobs lost in the region.

Mr Mold urged governments to accelerate the roll-out of COVID-19 vaccinations; extend emergency support measures; maintain crucial infrastructure projects; accelerate digitalisation; accelerate AfCFTA implementation and align health services with regional priorities.

The twenty-fifth meeting of ICSOE for Eastern Africa took place in a hybrid format, both in Kigali and online from 27-29 October 2021.

During the meeting, the new Bureau of the ICSOE has been constituted, with Rwanda taking the chairpersonship of the ICSOE. Other members of the bureau include Seychelles as 1st Vice-Chair, Burundi as the 2nd Vice-Chair and DRC as Rapporteur.

Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org

Disclaimer

UNECA - United Nations Economic Commission for Africa published this content on 21 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 05:53:06 UTC.


© Publicnow 2021
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