Business
FOR the third time, about 150 decision-makers and economic experts attended the session of the Intergovernmental Committee of Senior Officials and Experts, ICSOE, organised by the UN Economic Commission for Africa, ECA, in Central and Eastern Africa.
This year, the meeting was organised in partnership with the government of Cameroon to spark discussions and policy options on trade-related measures and innovation solutions that can help drive both the AfCFTA and economic diversification in the region.
The meeting was held from 15 to 18 October in Yaoundé and brought together policymakers and experts from 21 African countries.
“Innovation is an essential determinant of productivity growth, especially during this era of the Fourth Industrial Revolution. Its significance is reflected in the United Nations Sustainable Development Goal, SDG), 9 which aims to “build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”. ECA Deputy Executive Secretary Hanan Morsy said at the opening of the meeting.
“However, when research and innovation figures are considered, most African countries, including those in Central Africa and East Africa, have Research and Development (R&D) spending of less than 0.5% of GDP, which is well below the global average of 2.5% of GDP,” she added.
“Modern economic growth is encapsulated in a continuous process of technological innovations” stressed Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development of Cameroon.
He emphasized the need for sustained support to African states to establish an ecosystem conducive to innovation. “This support is crucial to address urgent needs such as promoting blue and green economies, as well as inclusive industrialization and economic diversification”.
Macroeconomic Resilience in the Face of Adversity: Central and East Africa’s Growth
Participants at the meeting also discussed a detailed comparative analysis of the macroeconomic situation in Central and Eastern Africa from both an economic and social perspective, taking stock of the challenges posed by high debt levels, post-pandemic inflationary pressures, and climate change impacts.
Despite these hurdles, ECA estimates a robust regional growth performance in 2023, with Eastern Africa achieving a remarkable 6.3% increase and Central Africa a 3.3% rise, outpacing the global economic growth rate of 2.7%.
In 2024, both sub-regions demonstrated exceptional economic resilience, with East Africa leading with a 5.8% growth in real GDP, compared to Central Africa’s 3.5%. Central and East Africa still face challenges in generating more growth and ensuring that growth leads to sustainable economic and social transformation.
A.I
Oct. 18, 2024
Tags: ECA UN Economic Commission for Africa
