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Harare Bureau
ZIMBABWE is expected to join hundreds of leaders and scholars from Africa and around the world at this year’s edition of the African Economic Conference where they will discuss the problems affecting African economies and their possible solutions.The conference, which is jointly organised by African Development Bank, the Economic Commission for Africa and the United Nations Development Programme every year, will be held under the theme “Regional Integration in Africa” from October 28 to 30 in Johannesburg, South Africa.
The conference is the most comprehensive event held each year on Africa’s economy and development, discussing macroeconomic prospects, as well as trade and finance and development policy in a global context.
During the past decade, African economies have posted high levels of growth, close to 6 percent on average, which is considered by analysts to be among the highest in the world.
According to AfDB, it is generally agreed that integration would be politically and economically beneficial for Africa in the global economy.
“The macro-risk associated with the African economies has been reduced substantially and countries have been able to go to the markets in the past few years.
Notably, much of the recent borrowing on international markets has been targeted to infrastructure in a bid to open up markets, increase power generation and raise competitiveness,” AfDB said.
The bank said this had economic reverberations beyond individual country borders which had helped countries to take another look at the benefits of regional economic integration.
“In response, African countries have tried to strengthen their regional economic communities, streamlining their mandates, and with some regions even considering closer political union. In spite of these efforts, the goal of an economically integrated Africa remains elusive,” AfDB said.
The conference will therefore offer a unique avenue for researchers, policymakers and development practitioners from Africa and elsewhere to debate regional integration, from the point of view of its impact on growth and development, and the political economy that drives the adaptation process.
AfDB said in light of Africa’s search for economic transformation, it was important to investigate the contribution of regional economic integration in view of Africa’s much changed economic circumstances, with an expanding middle class and higher investment inflows than in the past, and remittances from the Diaspora.
“The impact of these new factors on domestic demand, trade, job creation and more generally on inclusive growth are yet to be put in their proper perspective,” the bank said.
Online Reporter