Growth in Central Africa was gradually recovering supported by recovering commodity prices and higher agricultural output but remains below the average for Africa as a whole ( AfDB 2019). Southern Africa’s subdued growth is due mainly to South Africa’s weak development, which affects neighboring countries. In Africa, East Africa led with GDP growth estimated at 5.7% in 2018, followed by North Africa at 4.9%, West Africa at 3.3%, Central Africa at 2.2%, and Southern Africa at 1.2%. But if South Sudan’s exceptionally high 104.1% is excluded, the region’s average inflation rate drops to an estimated 12.8% in 2018, and is projected to decrease slightly to 10.9% in 2019 and 10.2% in 2020 ( East Africa Economic Outlook, African Development Bank Group, 2019).Īfrica’s economic growth continued to strengthen, reaching an estimated 3.5% in 2018, about the same as in 2017 and up 1.4 percentage points from the 2.1 percent in 2016. For the EAC region, inflation, an important indicator of macroeconomic stability, remained in the double digits in 2018, increasing by 0.5 percentage point from 14.0% in 2017. Thus, the unemployment rate rose considerably, hitting 3.8. The household survey also found that employment (including self-employment) was up 222,000. However, core macroeconomic policies are not yet harmonized and remain country specific. Thus, the participation rate increased from 62.6 in July to 62.8 in August, the highest level since just prior to the pandemic when it was 63.3. Price stability is the primary objective of monetary policies in all EAC Partner States. While PKE, like all macroeconomics, has failed to address environmental problems it does have many aspects which make compatibility with ecological economics. Macroeconomics focuses on the performance of economies changes in economic output, inflation, interest and foreign exchange rates, and the balance of. ![]() ![]() And because macroeconomic instability can lead to political and social instability, it captures the attention of policymakers and politicians. A stable macroeconomic environment is one of the major enabling environments for growth and structural transformation.īecause growth and structural transformation are needed to substantially reduce poverty, EAC Partner States pay attention to macroeconomic stability. ![]() There is sustained macro-economic stability in the EAC mainly due to effective macro-economic policies.
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