"More diversified and broad-based trade would reduce the impact of disruptions in specific markets and products that could result from shifts in global trade patterns. "These reductions could increase the median merchandise trade flow between African countries by 15% and median real per-capita GDP by 1.25%,"or more if combined with substantial improvements in the trade environment, the lender said. The IMF also found that comprehensive reforms along with the AfCFTA implementation could increase the median merchandise trade flow between African countries by 53% and the rest of the world by 15%. That could raise the median per-capita GDP in Africa by more than 10% and lift as many as 50 million people in the world’s poorest continent from extreme poverty by 2035, it said. All but one of 55 nations recognised by the African Union have signed to join the AfCFTA and 46 have ratified the accord.

Source: News 24 May 06, 2023 21:27 UTC