ADDIS ABABA – The African Development Bank (AfDB) projects for the East African economies to grow by 4 percent in 2022.
The bank’s East Africa Regional Economic Outlook 2022, which reviewsthe economic performance of 13 countries, was published on Friday.
“Overall, East Africa recorded a robust economic recovery in 2021, but most countries are yet to achieve their pre-Covid growth levels,” the report says.
The report projects the sub region’s GDP growth to be a moderate 4% in 2022 before recovering to 4.7% in 2023 buoyed by the reopening of the economies.
The projected strong growth is not homogenous across the region, with the report expecting Ethiopia, Kenya, Rwanda, Seychelles, Tanzania, and Uganda to be top performers.
However, Political instability and climate vulnerabilities could weigh down on the sub region’s economic outlook.
“These impacts are becoming dynamic and are compounded by other shocks including commodity prices, health, and insecurity which calls for enhanced contextual risk and vulnerability assessments to inform clear adaptation and mitigation measures,” the report reads in part.
The report points out several policy interventions needed to boost East Africa’s post-COVID-19 recovery and build resilience against emerging vulnerabilities.
The interventions include short, medium, and long-term policy options for supporting climate resilience.