With inflation growing higher than seen in several decades, global economic growth is projected to be weak in 2023, ranging between 2.7% and 3.2%, given the broad-based and sharper-than-expected slowdown in global economic activity, according to figures released in October 2022 by the International Monetary Fund (IMF).
A new biannual report released by the African Development Bank Group (ADB) revealed that economic growth in Africa is expected to exceed global forecasts in 2023 and 2024, with real gross domestic product (GDP) averaging around 4% in the said period.
The ADB pointed out that the expected figures for the region’s economic growth would outperform the rest of the world, which is projected to grow from 2.7% to 3.2% on average.
The report forecast the growth average in the five African regions in 2024 as follows: North Africa (3.4%), Central Africa (4.2%), East Africa (5.4%), West Africa (4.3%), and Southern Africa (2.8%).
“With 54 countries at different stages of growth, different economic structures, and diverse resource endowments, the pass-through effects of global shocks always differ by region and by country. Slowing global demand, tighter financial conditions, and disrupted supply chains therefore had differentiated impacts on African economies,” African Development Bank Group President Dr. Akinwumi Adesina said during the launch ceremony of the ADB report titled "Africa’s Macroeconomic Performance and Outlook."
Adesina pointed out that growth across all five African regions was positive in 2022, despite the “confluence of multiple shocks,” adding that the “outlook for 2023–24 is projected to be stable.”
The ADB's "Africa’s Macroeconomic Performance and Outlook" report revealed that Africa’s real GDP slowed to 3.8% in 2022, from 4.8% in 2021, due to a number of “significant” domestic and external challenges that faced the continent in recent years, including the COVID-19 pandemic and the ongoing crisis in Ukraine.
With a comprehensive regional growth analysis, the publication revealed that 53 out of Africa’s 54 states had posted positive growth during the last year.
The report listed the top 10 African nations expected to grow by more than 5.5% on average in 2023-2024, including Rwanda (7.9%), Ivory Coast (7.1%), Benin (6.4%), Ethiopia (6.0%), and Tanzania (5.6%), the Democratic Republic of the Congo (6.8%), Gambia (6.4%), Mozambique (6.5%), Niger (9.6%), Senegal (9.4%), and Togo (6.3%).
UN Secretary-General Antonio Guterres’ Advocate for Sustainable Development Goals, who attended the report launch event at the ADB headquarters in Abidjan, Ivory Coast, said that the figure listed in the report proved that Africa is currently “the place to invest.”
“Africa can and will rise to growth of 7 percent or more per year consistently in the coming decades. What we’ll see, building on the resiliency we see in this report, is a real acceleration of Africa’s sustainable development so that Africa will be the fast-growing part of the world economy.”
The US House Oversight Committee has published roughly 20,000 pages of documents from the sex offender’s estate
US Democrats have released an email in which convicted sex offender Jeffrey Epstein claimed that President Donald Trump was aware of women procured for sex trafficking.
The email is part of some 20,000 pages of documents from Epstein’s estate published by the US House Oversight Committee on Wednesday. The documents include correspondence between Epstein and his close associate Ghislaine Maxwell, who is currently serving a 20-year sentence for sex trafficking and related offenses.
In a 2011 email, Epstein wrote to Maxwell that a victim, whose name was redacted, “spent hours at my house with him,” referring to Trump. In a 2019 email to journalist Michael Wolff, Epstein said Trump “knew about the girls as he asked (Ghislaine) to stop.”
The documents show Epstein referenced Trump multiple times, calling him “borderline insane,” a “maniac,” and “f**king ...
US President Donald Trump has called on Israel’s president to pardon Prime Minister Benjamin Netanyahu in a move widely seen as political meddling in favor of an embattled ally, who is wanted by the International Criminal Court for war crimes and crimes against humanity.
Israel’s presidential office released a statement on Wednesday, confirming that Trump sent a letter to President Isaac Herzog urging him to dismiss Netanyahu’s legal case.
“I hereby call on you to fully pardon Benjamin Netanyahu, who has been a formidable and decisive War Time Prime Minister,” Trump wrote on social media.
Trump praised Netanyahu’s aggressive policies towards Iran as commendable, framing them as a justification for dismissing the corruption charges.
“While I absolutely respect the independence of the Israeli Justice System, and its requirements, I believe that this ‘case’ against Bibi, who has fought alongside me for a long time, including......more below
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Dozens of Israeli settlers have launched a wide-scale attack on industrial and agricultural facilities in the northeastern sector of the West Bank, sparking major fires and injuring several Palestinians amid a surge of settler violence in the occupied territory.
The official Palestinian news agency WAFA, citing local sources, reported that settlers set fire to multiple vehicles, including four trucks belonging to a dairy factory in al-Lada’in industrial zone near the town of Beit Lid east of Tulkarm, and caused damage to the facility itself.
Settlers also destroyed nearby farmland, metal sheds, and tents used by a small Bedouin community living in the area.
Videos posted online show smoke engulfing the area, with Palestinian women heard shouting in the background, and men carrying extinguishers and water buckets scrambling to put out the fires.
Footage shows torched trucks, tents, and metal sheds, and smashed car windows......more below
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