The United Nations Economic and Social Council recently released the "World Economic Situation and Prospects 2024" report, ** Africa's economy will grow by 3 this year5%, the growth rate will be second only to Asia. According to a number of international financial institutions**, the African economy will maintain its recovery momentum this year, showing strong development resilience and vitality. At the 37th African Union Summit, held recently, the Chairperson of the African Union Commission, Faki called for more active recovery measures to achieve sustainable economic development in Africa.
Promote diversification and economic resilience
The United Nations Economic and Social Council (ECOSOC) has conducted a review of the economic growth of the African subregion this year: the growth rate of the East African region will reach 55%, the fastest growing subregion in Africa; 38% and 3 in North Africa2% and 3 in Central Africa1% and 2 in Southern Africa3%。
According to a recent report by the International Monetary Fund, a number of sub-Saharan African countries are currently working to reduce their fiscal deficits and stabilize public debt, and broad-based growth is expected this year. According to a report released by the Economist Intelligence Unit, 12 African countries are among the 20 countries with the fastest expected global economic growth this year, including Senegal, Mauritania, Rwanda, Benin, Uganda, Ethiopia and Tanzania, and the economic growth rate of these countries is expected to be between 6% and 10%.
Nigeria is the largest economy in Africa. The country** introduced several major economic reforms last year, including the removal of heavily burdened fuel subsidies and the implementation of a unified exchange rate system, which will be used to upgrade critical infrastructure and secure education, in the hope of unlocking economic growth potential, improving the business environment and boosting business and investor confidence.
In recent years, Senegal has continued to improve its business environment, strengthen infrastructure construction, promote industrial development, and increase efforts to attract foreign investment. From 2019 to 2023, the country's economy grew at an average annual rate of 53%, making it one of the fastest-growing economies in Africa. Serbia said that it will continue to implement the "Plan for the Revitalization of Senegal" and strive to develop the economy based on people's livelihood.
Driven by sectors such as agriculture, finance, transportation and manufacturing, South Africa's economy has picked up recently. With the reform of the electricity system, South Africa's electricity** has been partially improved. South Africa's ** Ramaphosa said in his State of the Union address a few days ago that South Africa will continue to reform the power system this year and strive to end power rationing and blackouts; improving port and rail networks and increasing the efficiency of logistics and transport systems; improving the quality and coverage of health services and combating corruption and crime; Continue to reform the visa system to attract the talent needed for the country's development.
Some analysts believe that although the African economy is facing some difficulties and challenges, many countries in the region have implemented a series of economic reforms to promote diversification and improve economic resilience, and economic growth prospects are promising. Lazia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank, said that the current external environment is full of challenges, and internal reforms in Africa are important for economic development.
Actively promote the green and digital transformation of the economy
African countries are actively promoting green and digital economic transformation, injecting new momentum into regional economic growth.
South Africa** said it will establish a climate change response** and promote green energy investment to support the development of the electric vehicle industry. Kenya is accelerating the development of its abundant geothermal resources, aiming to achieve 100% clean energy power generation by 2030 and ensure a stable power supply.
Countries such as Morocco, Tunisia, and Zambia have invested heavily in renewable energy, such as solar and wind, to reduce their dependence on traditional energy sources. Countries such as Ethiopia are actively promoting climate-smart agriculture, such as using meteorological data for agricultural planning, strengthening water resource management, and promoting drought-tolerant and salt-tolerant crops to improve agricultural adaptability.
Under the guidance of policy documents such as the African Union's Agenda 2063 and Africa's Digital Transformation Strategy (2020-2030), many African countries are competing to promote the development of the digital economy and the construction of digital projects. Egypt** launched the "Digital Egypt" plan, and launched the "ICT Strategy 2030", "Digital Egypt" and other plans to promote digital transformation, digital innovation, digital infrastructure and digital governance. In the Blueprint for the Digital Economy, Kenya has identified five pillars: digital, digital commerce, infrastructure, innovation-driven entrepreneurship, digital skills and value, and will promote the "Digital Highway" project to build a 100,000-kilometer fibre optic backbone network. In order to promote the development of digital infrastructure, artificial intelligence, advanced manufacturing and other fields, South Africa has set up the "Fourth Industrial Revolution ** Committee", issued the "National Data and Cloud Policy Draft", promoted the construction of ** databases, and plans to develop high-performance computing centers.
The ongoing third phase of negotiations on the African Continental Free Trade Area (AfCFTA) is expected to boost the development of the intra-African digital** and digital economy through measures such as the elimination of cross-border digital** tariffs, the adoption of common e-authentication and e-trust mechanisms and technologies, and the protection of sources**.
According to a United Nations report, Africa's digital economy is currently worth $115 billion. Ende**or, a global network of entrepreneurs, noted in the report that the African continent represents the "next frontier of growth" in the digital economy. According to the report, Africa's digital economy will reach $712 billion by 2050.
The increase in productivity and added value is seen as a decisive factor in promoting the development of the ** chain across the continent. According to the UNCTAD report, Africa's population is young and growing, and is expected to reach about 2.5 billion by 2050. They are embracing new technologies that will attract more companies to expand their markets in Africa.
China-Africa cooperation helps Africa achieve sustainable growth
According to data released by the Ministry of Commerce of China a few days ago, China has maintained its position as Africa's largest partner for 15 consecutive years. In 2023, the amount of China and Africa will reach 282.1 billion US dollars, a year-on-year increase of 15%。The structure of China and Africa has continued to be optimized, and agricultural products imported from Africa have become a bright spot in growth. Chinese enterprises have actively strengthened cooperation with Africa, expanded into new business formats such as trade and logistics, digital economy, clean energy, health care, green development, and finance, and invested in the construction of industrial parks in many African countries.
China actively assists African countries in achieving energy transition and sustainable development. According to statistics, China has implemented hundreds of clean energy power generation and power grid projects in Africa, such as the Dea Wind Power Station in South Africa, the Garissa Photovoltaic Power Station in Kenya, and the No. 2 Hydropower Station on the Nabalunge River in Rwanda. Kenyan international relations expert Cavins Adeshire believes that China's technology, experience and capital are helping the African continent accelerate the process of achieving carbon neutrality.
China and Africa have strengthened cooperation in the construction of Internet infrastructure and the cultivation of digital talents, benefiting the African people. According to statistics, since the establishment of FOCAC, Chinese enterprises have helped African countries add and upgrade about 150,000 kilometers of communication backbone networks, covering about 700 million users.
Through multifaceted cooperation, China has provided extensive and strong support for African countries to achieve economic growth. In an interview with this reporter, Mo Shi, director of the Center for Chinese Studies at the University of Dar es Salaam in Tanzania, said that Africa-China cooperation has created more development opportunities for African countries and helped Africa achieve economic independence, social progress and sustainable growth.
According to the African Development Bank report, China's contribution to Africa's economic growth is increasing. The convening of a new session of the Forum on China-Africa Cooperation this year will push China-Africa cooperation into a new stage and inject more impetus into Africa's economic recovery and development.