Growth Of Africa Essential For Global Economy: IMF

New Delhi, Oct 9 (KNN) The world economy would need Africa to achieve economic prosperity, particularly in the 21st century Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) has said.

According to her, Africa has great potential, abundant resources, boundless creativity and energy, and is home to the world’s youngest and fastest-growing population, yet it has been badly hit by all the challenges the world faces today, reported a Nigerian newspaper Business Day.

Georgieva highlighted these in her customary curtain raiser speech delivered in Côte d’Ivoire ahead of the 2023 annual meetings of the IMF and World Bank which officially begins in Marrakech, Morocco on Monday.

She said Africa makes the strongest case for building economic resilience in light of the COVID-19 pandemic, Russia’s war in Ukraine, climate disasters, cost-of-living crisis, political instability which had hit the world, but most fully on display in Africa.

“To put it simply, a prosperous world economy in the 21st century requires a prosperous Africa,” she stressed.

The recent G20 summit presided over and hosted by India marks a critical turning point for economic prospects in Africa.

India marked its presidency of the G20 by adding the African Union as a permanent member.  (KNN Bureau)