Addis Ababa 15 March 2023 (ECA) – With slower economic growth and high inflation, many African countries are struggling to meet the continent’s development goals due to the impact of severe and mutually reinforcing shocks. Adam Elhiraika, Director of the Macroeconomic Policy Division at ECA explained that the COVID-19 pandemic, the Ukrainian war and resultant food and energy crisis, rising inflation, debt tightening, and natural disasters resulted in serious developmental challenges on the continent such as increased poverty and high inequality rates and lack of decent jobs.
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