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The African continent has caused a lot of discussion at the World Economic Forum (WEF) in Davos, Switzerland.
Forum discussions centered around sustainable solutions. This includes the energy transition, rethinking globalization, inclusion and diversity so that the world can work together and share all future opportunities equally. How will the African continent be positioned to thrive in equitable global villages?
Pamela Coke-Hamilton, Executive Director of the ITC International Trade Center, attended and elaborated on the issues discussed with a focus on Africa.
– Africa Economic Outlook 2023: Future Challenges –
The African Economic Outlook 2023 reveals that as of September 2022, 23 African countries are insolvent or at high risk of being insolvent. A outlook prepared by the African Development Bank warns that the debt levels are worrying and that African countries may take longer to repay.
The report warns of current global and regional risks, including rising food and energy prices, tightening global financial conditions and consequent increases in domestic debt service costs.
Climate change is an equally daunting threat, with adverse impacts on food supplies and the potential risk of political change in countries holding elections in 2023.
Banks are also calling for measures to “reduce the structural deficit and the accumulation of public debt.” “Effective Coordination of Fiscal and Monetary Actions” When “Stimulation of Intra-African Trade”
– Sudan’s precious rubber trees protect against drought –
Gum arabic, a resin extracted from the acacia tree, is used in everything from soft drinks to pharmaceuticals, but for Sudan, the world’s leading producer, it is a key weapon in the fight against desertification. are also seen.
Sudan in northeastern Africa is not only one of the countries most affected by climate change, it is also the world’s largest producer of raw gum.
According to French development agency AFD, Sudan’s exports account for 70% of the world’s gum supply. Along with its vast oil reserves, gum Arabic has been one of Sudan’s main sources of foreign exchange since South Sudan became independent a decade before her. See video report for details.
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