In 2022, North African countries struggled with the challenges of rising inflation and growth recovery, which have been exacerbated by external shocks, including the long-lasting effects of the COVID-19 pandemic and the spillover effects of Russia’s invasion of Ukraine. The region registered moderate economic growth of 4.1 percent in 2022 against 5.4 percent in 2021.
In 2022, North African countries struggled with the challenges of rising inflation and growth recovery, which have been exacerbated by external shocks, including the long-lasting effects of the COVID-19 pandemic and the spillover effects of Russia’s invasion of Ukraine. The region registered moderate economic growth of 4.1 percent in 2022 against 5.4 percent in 2021.
However, this growth was uneven across countries. The disruptions of global supply chains and pressure on commodity prices in the international markets instigated unfavorable effects on food and energy systems, especially in countries dependent on imports of these commodities.
The African Development Bank (AfDB) and other international actors have a crucial role to leverage the role of private sector and natural capital in financing climate actions and green growth. They can contribute by: (i) providing technical assistance; (ii) financing initiatives and projects; (iii) raising awareness of private sector and natural capital as enablers for climate action and green growth; and (iv) improving collaboration between North African countries and regional organizations to promote regional cooperation and coordination.
