M a r k e t N e w s

Food & Agriculture In East Africa Expected To Rise by $1 Trillion By 2030

Posted on : Monday , 24th February 2020

The AfDB president made a couple of quick highlights to deliberate. The food and agriculture in East Africa expected to rise by $1 trillion by 2030. Africa's population is now at 1.2 billion, which is likely to double by 2.5 billion by 2050.  

 

The continent has 60% of global arable land but has unfortunately become one of the most prospective food importers targeted by jurisdictions that produce food extensively.  

 

The impressive growth outlook for the region, from the supply side, is mainly anchored in the services sector. According to the AfBD report, the countries with the highest economic growth were Ethiopia, Rwanda, Tanzania, Kenya, and Djibouti. In both Ethiopia and Rwanda, real GDP growth had been driven by industry and services.  

 

The service sector had also been the main driver of growth in Tanzania and Kenya, followed by the agricultural sector, the main growth driver from the supply side. The service sector's contribution to growth was highest in Kenya, at 71%, while agriculture accounted for 15% and industry for 15%. On the demand side, consumption is the main driver of East Africa's growth.

 

East Africa presents impressive economic growth prospects. A recent report by the African Union Development Agency indicated that the East Africa region recorded the highest performance in five out of the seven aspirations in Africa Agenda 2063's First Ten Year Implementation Plan with an aggregate score of 40% against the 2019 targets. The collective performance of the entire continent was only 32%.

 

The East African region performed well mainly on the aspirations towards a peaceful and secure Africa, an integrated continent, politically united and based on the ideals of Pan-Africanism and a vision of the African Revitalisation, and an Africa whose development is people-driven, relying on the potential of the African people.  

 

It may be said that this forms a relatively solid base against which to push a demanding development agenda for the region even further.

 

The African Development Bank Group Economic Outlook report for the year 2018, for example, indicated that real GDP in the region grew by an estimated 5.7%, while it had actually grown by 5.9% the previous year. For purposes of this economic outlook assessment by AfDB, East Africa is a bloc of 13 countries; Uganda, Kenya, Tanzania, Rwanda, South Sudan, Ethiopia, Burundi, Comoros, Eritrea, Somalia, Seychelles, Sudan, and Djibouti.

Source : newzmart
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