Eastern Africa has become Africa’s force to recon with in economic frontier, thus being dubbed the ‘fastest growing economic region in the world’ by the United Nations Economic Commission for Africa (UNECA).
The body has confirmed that the region has not only registered an average growth of 6.7% between 2013 and 2017 which is double the African average; but is also expected to pull off 6.2% in 2019. This will be the outcome of ‘sustained investments, renewed optimism in the Horn of Africa, and opening up of new trade opportunities under the African Continental Free Trade Agreement (AfCFTA).
According to UNECA, the economic growth has led to an increase of life expectancy. Over the past decade a boost of 5.3 years with countries like Kenya and Rwanda registering historically unpredicted gains of 8.5 years.
Some of the underlying factors that are pulling back the region include limited job opportunities for the rapidly growing population, the impact of climate change on agricultural production, rising levels of debt in some countries, and peace and security concerns, said Andrew Mold, the Acting Director of UNECA in Eastern Africa during the 22nd meeting of the Intergovernmental Committee of Experts (ICE).
The three-day meeting, that was held in the Rwandan capital, Kigali, Rwanda, brought together more than 250 economic stakeholders and decision-makers of 14 countries in eastern Africa.
Saying that the spectra of trade wars and moderating global demand could impact on eastern Africa’s impressive growth. UNECA urges African countries to focus their attention on what it refers to as ‘more resilient and dynamic regional trading relations’.
