Experts predict positive growth for EACâ€™s economy at WEF Africa
The growth according to Joe Eshun, Deputy Chief executive Officer, East Africa for Deloitte Consulting ltd says that although there has been a decline on the continent growth to 3.5 percent from the earlier projected over five percent, the East Africa region continues to perform well.
â€œBut the bright side is that while the broader Africa is not experiencing kind ofÂ growth we want, East AfricaÂ is defying all the odds,â€ Eshun said during the World economic Forum on Africa-WEF Africa2016 on Wednesday.
TheÂ forumÂ that is hosted inÂ Kigali from May 11-13th has brought together over 1,200 business, political, policy making and other leaders to discuss current economic and social issues, problems, ideas and possible solutions and mainlyÂ looking at using technology to spurÂ continentâ€™s growth.
But of course several factors, experts say has driven the great growth and are expected to continue to spur growth as more countries now focus at shifting the focus to less reliance on natural resources.
â€œI think the growth of east Africa has been built on the backbone of infrastructure, political stability and to some extent the lack of reliance on commodities and the east Africa integration,â€ he added.
But Â Â the effortsÂ Â Â use of technology in key economic sectors has also motivated further growth of the region and notably financial inclusion with more people accessing finance.
â€œThe ability to use technology and innovations to propel growth is another reason East Africa is experiencing a lot of growth,â€ he added.
Nevertheless, the region still faces challenges of less investments in regional infrastructure, high numbers of unemployment use and low levels of motivation towards encouraging more innovations in the region which need to be addressed.