Natasha Chamba, Business Reporter
The African Development Bank (AfDB) forecasts GDP growth in Africa's gross domestic product of four percent this year, which is expected to accelerate to 4.1 percent in 2020.
In its 2019 economic outlook report, the bank pointed out that the foreseeable prospects for growth on the continent would be boosted by the continued recovery of general economic outcomes.
"The prospects for growth in Africa remain stable, but improved macroeconomic results and employment results require the industry to lead growth," the report said.
"General economic performance in Africa is continuing to recover, and GDP growth (gross domestic product) is projected to accelerate to four percent in 2019 and to 4.1 percent in 2020."
The report, which is published every year since 2003, is the leading document of the Bank with the main figures on African economic outcomes and prospects.
African economic perspectives link a significant gap in knowledge with respect to African economies through regular, rigorous and comparative analysis.
The 2019 report focuses on three key areas of macroeconomic outcomes and perspectives on Africa, employment and solid dynamics, and the integration of Africa's economic progress.
Significantly, the report identifies five key trade policy measures that could potentially lead to total African gains of up to 4.5 percent of its GDP or $ 134 billion a year.
The established policies include abolishing all applicable bilateral tariffs in Africa, keeping the rules of origin simple, flexible and transparent, removing all non-tariff barriers to goods and services, and negotiating with other developing countries to reduce customs duties and barriers.
Commenting on the report, Macaneconomic Policy and Research Director Hanan Morsy pointed out that, despite growing national debts across Africa, there is no systemic risk of a debt crisis.
"In the current labor force growth rate, Africa needs to create about 12 million new jobs every year to prevent rising unemployment.
"There is a need for a common industrialization effort that is complementary to the country," he said.
Last year, AfDB, through the African Development Fund, allocated Zimbabwe's $ 4.1 million grant, and part was used to reform three state-owned enterprises.