African Development Bank Group's premier Regional Economic Outlook for North Africa region for launch
Following the successful launch of the 2018 edition of its flagship African Economic Outlook, the African Development will on Monday, March 12, 2018 launch the regional versions of the Report.
This is the first time in the African Economic Outlook’s 15-year history that that an economic outlook report for each one of the Bank’s 5 regions in Africa has been prepared to complement the main report.
The Regional Economic Outlook Report for the North Africa – a premiere
The Northern Africa region economic analysis covers specific features, including challenges, successes and prospects: macroeconomic developments, trends and development in poverty, inequality and employment, budgetary pressures, debt and inflation. The Report also looks at regional developments and competition in food value chains in Northern Africa.
“The African Economic Outlook is a flagship Bank publication. It is highly regarded by policy makers, researchers and experts because of its strong analytical contents and its practical recommendations on how to handle critical development issues. It also provides an economic snapshot of all 54 African countries. By introducing a regional focus for the first time, we are leveraging our expertise to add more granularity and policy relevance to this publication,” said Celestin Monga, Chief Economist and Vice-President responsible for economic governance and knowledge management. “By introducing a regional focus for the first time, we are leveraging our expertise to give this publication greater depth of analysis and relevance.”
North Africa ranked second on African regional performance
In North Africa, the year 2017 ended on a 4.9% growth in real GDP, up from the 3.3% achieved in 2016. This economic performance is also higher than the average for Africa as a whole (3.6%) and places the region in second place on the continent, after East Africa (5.9%).
These figures can be particularly explained by greater-than-anticipated oil production in Libya which meant that the country's GDP increased by 55.1% in 2017. Morocco too played a significant part. Its growth rate took on fresh new impetus at 4.1% in 2017, up from its 1.2% in 2016, boosted by increased agricultural productivity which benefited from good seasonal rains and from implementation of the Green Morocco Plan. Egypt's macroeconomic and structural reform programme led to it to an enviable GDP growth rate of 4% in 2017.
In general terms, growth in the North Africa region is mainly fed by the real sector, including new sectors with high value added, such as electronics and mechanics, and by private and public consumption.
Prospects remain positive for 2018 and 2019, particularly thanks to reforms in all the countries of the region. According to projections, growth in the North Africa region is likely to reach 5% in 2018 and 4.6% in 2019.
The specific reports for the other regions – (West Africa, Central Africa, East Africa and Southern Africa) will also be presented on same day in the different regions.
North Africa Report to be launched on March 12 in Tunis
“The African Economic Outlook is the result of extensive research including data collection, analysis, and projections. The Bank’s economists have redoubled their efforts to produce the regional economic reports, which further enrich the knowledge products of the Bank,” said Abebe Shimeles, Acting Director, Macroeconomic Forecasting and Research.
The Bank's regional economic outlook report for the North Africa region will be presented to the public on March 12, 2018 in Tunis, Tunisia, at the Bank's Regional Office for North Africa.
The Report will be presented by Assitan Diarra-Thioune, Regional Economist for North Africa, on behalf of the Bank's Chief Economist and Vice-President, Celestin Monga. The Director-General of the Bank's Regional Office for North Africa, Mohamed El Azizi will chair the event.
Representatives of the country's Government, as well as of the private sector and partner organizations, and members of civil society and the press are invited to the publication launch.
The report is embargoed until March 12, 2018.