The State of African Economies: According to AfDB’s African Economic Outlook 2018

<p style&equals;"text-align&colon; justify&semi;">Africa now collects about &dollar;500 billion in tax revenue every year&comma; &dollar;50 billion in foreign aid&comma; &dollar;60 billion in remittances&comma; and &dollar;60 billion in FDI inflows&period; More than &dollar;100 trillion is managed by institutional investors and commercial banks globally&comma; &lbrack;and as such&rsqb; African countries seeking financial resources now have a wide variety of options&comma; well beyond foreign aid&period; This is one of the key highlights in the 2018 African Economic Outlook&comma; released by the African Development Bank &lpar;AfDB&rpar;&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">The more than 180 pages in-depth report provides short-to-medium term forecasts on the evolution of key macroeconomic indicators for all the AfDB’s 54-member African countries&period; It also&comma; quite tellingly&comma; analyses the state of socioeconomic challenges&comma; priority areas of concern&comma; and progress made in each country&comma; while rigorously proffering ways forward&comma; backed by comprehensive data and analyses&period; For example&comma; report highlights how Africa’s infrastructure requirements run between &dollar;130 to 170 billion a year&period; &OpenCurlyDoubleQuote;That’s far higher than the long-accepted figure of &dollar;93 billion a year&comma;” the report state&period;<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">And Akinwumi Adesina&comma; President African Development Bank Group emphasises this fact further&colon; &OpenCurlyDoubleQuote;infrastructure projects are among the most profitable investments any society can make&period; When productive&comma; they contribute to and sustain a country’s economic growth&period; They thus provide the financial resources to do everything else&period;”<&sol;p>&NewLine;<p style&equals;"text-align&colon; justify&semi;">But many governments try to do too much at the same time and end up not actually doing much&comma; concludes the report&period;<&sol;p>&NewLine;<p>Source&colon; <a href&equals;"http&colon;&sol;&sol;www&period;africanbusinesscentral&period;com">African Business Central<&sol;a><&sol;p>&NewLine;