AfDB projects 4% GDP growth for Africa
The African Development Bank (AfDB) predicts a 4% growth in Africa's Gross Domestic Product this year, which is expected to accelerate to 4.1% in 2020.
In its economic outlook report for 2019, the bank highlighted that the continent's envisaged growth prospects would be driven by the continued recovery of the general economic performance.
The 2019 report focuses on three key areas which are Africa's macroeconomic performance and prospects, employment and firm dynamism and integration of Africa's economic prosperity.
Significantly, the report identifies five key trade policy actions that could potentially bring Africa's total gains to 4.5% of its GDP or $134 billion a year.
The policies identified include eliminating all applied bilateral tariffs in Africa, keeping rules of origin simple, flexible and transparent, removing all non-tariff barriers on goods and services, and negotiating with other developing countries to reduce their tariffs and non-tariff barriers by 50%.
