SADC’s economic growth stands at 4.8 percent

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The president of the Council of Ministers of the Southern African Development Community (SADC) Téte António said Sunday that the region recorded in 2022 an economic growth of around 4.8 percent, slightly above the 4.7 percent recorded in 2021.

The official, who was speaking during the organisation's ordinary session, stressed that despite the challenges facing the region in the face of an adverse global context, there has been remarkable economic growth.

Téte António also highlighted the reduction of budget deficits in several Member States, as a reflection of prudent budgetary management in a context of restrictions and negative shocks.

The official also pointed out that the current account deficit as a percentage of GDP in the region improved slightly from 4.3% of GDP in 2021 to 4.1% of GDP in 2022.

According to Téte António, although the data referred to above are encouraging, there is much to be done in the search for deepening the process of industrialisation of the markets, since the risks that weigh on the forecasts tend to the negative side.

“Including geopolitical tensions, food insecurity, potential financial instability resulting from the contraction of monetary policy and the increase in debt levels, which requires greater commitment and dedication from Member States to face the uncertain and rather volatile context of the context internationally", he underlined.

He praised the determination, unity and complementarity of joint efforts of the SADC mission in Mozambique, aimed at combating the threat of terrorism and violent extremism in Cabo Delgado province.

The Angolan minister reaffirmed his determination to continue supporting the Democratic Republic of Congo, with a view to restoring peace and tranquility in the eastern region of the country.

In turn, the Minister of Regional Integration and Francophonie of the Democratic Republic of Congo, Antipas Mbusa Nyamwisi, spoke of the vision of SADC 2050, Strategic Indicative Plan for Regional Development (RISDP 2020–2030), Master Plan for the Development of Regional Infrastructures (RIDMP), as well as the SADC Industrialisation Strategy and Roadmap 2017-2063.

Representatives of the 16 Member States of the organisation participate in the opening session of the SADC Council of Ministers to analyse the various documents submitted by Senior Officials of the Committee of Experts of the regional institution.

The 43rd Ordinary Summit of Heads of State and Government of the Southern African Development Community takes place under the theme “Human and Financial Capital: Key Factors for Sustainable Industrialization in the SADC Region

Source: Angola Press News Agency (APNA)