EPRN-MINECOFIN-IMF PRESENTATION ABOUT “REGIONAL ECONOMIC OUTLOOK FOR SUB-SAHARAN AFRICA”
The Economic Policy Research Network in collaboration with the Ministry of Finance and Economic Planning/CE unit ; and the International Monetary Fund organized a public lecture entitled “Regional Economic Outlook for Sub-Saharan Africa’’. The public lecture was held on 29th May 2019 at UR-Huye campus. The purpose of this workshop was to understand the current development trends for the Sub-African Region and brainstorm about the sub-regional domestic revenue mobilization and private investment.
The public lecture opened with welcoming remarks from the Resident principal of Huye campus. The participants of this event were students (mainly those in the department of economics), lectures, and senior university staff.
EPRN Coordinator, Seth KWIZERA said that the reason EPRN provides public lectures to different universities is : to enhance the awareness of economic topics that are crucial for economic policy making in Rwanda ; strengthening students capacities to actively conduct economic policy research and analysis to inform economic policy making in Rwanda, And ensuring active involvement of students in EPRN policy research projects. By hosting public lectures, actors of different economic fields will be given the opportunity to interact and gain insights that are transparent and related to tangible economic circumstances and to raise awareness and stimulate interest for economic topics that are relevant for economic policy making and the national context.
IMF Resident Representative in Rwanda, Mr Jacque Bouhga- Hagbe presented that, Sub-Saharan Africa is set to enjoy a modest growth uptick, and decisive policies are needed to both reduce vulnerabilities and raise medium-term growth prospects. Growth in the region is projected to rise from 2.7 percent in 2017 to 3.1 percent in 2018, reflecting domestic policy adjustments and a supportive external environment, including continued steady growth in the global economy, higher commodity prices, and accommodative external financing conditions. While fiscal imbalances are being contained in many countries, the adjustment has typically occurred through a combination of higher commodity revenues and sharp cuts in capital spending, with little progress on domestic revenue mobilization. Over the medium term, and on current policies, growth is expected to accelerate to about 4 percent, too low to absorb the likely flow of new entrants into labor markets. The outlook is surrounded by significant downside risks, particularly considering the elevated policy uncertainty in the global economy. Shielding the recovery and raising medium-term growth would require reducing debt vulnerabilities and creating fiscal space through more progress on domestic revenue mobilization, and policies to achieve strong sustainable and inclusive growth.’’
In general the discussion with students and university staff members after the presentation ranged from : Slow recovery amid growth challenges, Domestic revenue mobilization in Sub-Saharan Africa and Private investment to rejuvenate growth.