THE GLOBAL ECONOMY STILL IN A RECESSION – AEO REPORT

Minister for Finance and Economic Affairs Hon, Dr. William Mgimwa speaks during the launching of the African Economic Outlook Report 2013 today in Dar es Salaam, Right is African Development Bank Tanzania, Resident Representative Dr Tonia Kandiero, UN Resident Coordinator Dr. Alberic Kacou and far right is Ambassador Filiberto Sebregondi who is the Head of Mission Delegation of the European Union in Tanzania.

UN Resident Coordinator in Tanzania, Dr. Alberic Kacou made inaugural speech during the official launching of African Economic Outlook report which scrutinize the pros and cons of African economy including Tanzania.

Ambassador Filiberto Sebregondi who is the Head of Mission Delegation of the European Union in Tanzania explains a point during the launching of African Economic Outlook 2013 which he congratulates Tanzania progress in Foreign Direct Investment.

AfDB Director of Research, Dr. Steve Kayizzi Mugerwa made a presentation on overview of Africa’s Macroeconomic Prospects 2013 on Structural transformation and natural resources in Africa.

Above and Below are Some of the invited participants, UN officials and government representatives listens attentively to some of the presentations on African Economic Outlook 2013.

 

Tanzania Investment Centre Executive Director, Mrs Juliet Kairuki elaborate a point on how the centre create a conducive environment that attracts Foreign Direct Investment.

Japan Ambassador to Tanzania Hon.Masaki Okada made his remarks during the Official Launching of the African Economic Outlook 2013.

AfDB/ African Development Fund Economic Consultant, Ms. Petrine Addae presents her comment on AEO 2013 report.

UNDP Country Director Mr. Phillipe Poinsot made his closing remarks on the African Economic Outlook report 2013 event at Hyatt Regency, Kilimanjaro Hotel today.

UN Resident Coordinator Dr. Alberic Kacou shake hands with the Exim Bank Managing Director Mr. Anthony Grant after the Official closing ceremony today in Dar es Salaam.

The Minister for Finance and Economic Affairs Dr. William Mgimwa, UN Resident Coordinator Dr. Alberic Kacou and African Development Bank Tanzania, Resident Representative Dr Tonia Kandiero in jovial mood after the official launching of the African Economic Outlook today.

The Minister for Finance and Economic Affairs Dr. William Mgimwa speaks to reporters after the Official Launching of the African Economic Outlook report 2013 in Dar es Salaam today.

By Mo Blog Team, Dar es Salaam

United Nations Resident Coordinator and United Nations Development Program (UNDP) Representative in Tanzania Alberic Kacou said the global economy is still running on a bumpy road while the emerging economies are also showing signs of stress.

In his opening remarks at the launch of the African Economic Outlook 2013 report today in Dar es Salaam, Kacou said that the report comes at a time when the global economy is still struggling to come to terms with shocks and their spillover effects.

“The euro zone in particular is grappling with slow recovery, emerging economies such as India and China, the drivers of the global economy for quite some time now, are also showing signs of stress,” 

“These course could have adverse implications on Africa, if the global economy recovery remains slow. It is in this background that the report assesses the economic outlook for Africa,” he said.

According to the report, Africa’s economy is projected to grow by 4.8 percent in 2013 and 5.3 per cent in 2014 while Tanzania has recorded an impressive performance in economic front, the report explained further.

He underscored that the Tanzanian economy is growing well above the regional averages, financial flows to the region, including Foreign Direct invest (FDI) and remittances are at a high record.

Kacou said that the report estimates FDI to exceed to USD 200 billion, the newly found natural resources seem to continue to attract increasing levels of foreign direct investments.

He said that the report pointed out that the natural resources endowments in Africa should provide a window of opportunity to transform the region from a low productive agriculture based economy to a diversified and productive resources based economy.