EAC region posts strong economic performance in 2022-Xinhua

EAC region posts strong economic performance in 2022

Source: Xinhua| 2023-03-18 23:45:00|Editor: huaxia

DAR ES SALAAM, March 18 (Xinhua) -- Governors of central banks from East African Community (EAC) member states said on Friday that economic performance in the EAC region in 2022 remained strong, recording GDP growth of 4.5 percent, the EAC said in a statement on Saturday.

The governors said this performance was supported by strong growth in industry and services sectors following the easing of COVID-19-related restrictions, easing of global supply chain constraints, and continued public investment, said the statement.

The governors from Tanzania, Burundi, Kenya, South Sudan and Rwanda, and their representatives from Uganda and the Democratic Republic of the Congo gathered in Bujumbura, Burundi, for their 26th ordinary meeting of the EAC Monetary Affairs Committee.

The governors said growth in the region was expected to improve, supported by a recovery in agriculture, continued strong performance of the services sector, and prudent monetary and fiscal policies, said the statement.

According to the statement, the governors also said most of the EAC member states' central banks have recently tightened their policies to address inflationary pressures.