28th Ordinary Session of the AU Executive Council : Statement by Carlos Lopes UN Under-Secretary-General and Executive Secretary of the ECA

Abstract

Statement By Carlos Lopes UN Under-Secretary-General and Executive Secretary of the ECA at the 28th Ordinary Session of the AU Executive Council. Mr. Lopes pointed out on his remarks that, The fundamentals for our economic prospects are there and intact. We continue to register the highest growth within a global slump, our international reserves took a beaten, but this is to be put in contrast with still internationally low debt levels, public deficits are still under control, and steady increase in investments from many , although not all, sources. Squarely it is a combination of two factors: fragility perception and lack of deeper structural transformation, seen as the need to combine higher agricultural productivity, adding value to natural resources, modernized services associated with urban and youth bulges, powered by strong industrialization. African Agenda 2063 is all about that. African priorities either deal upfront with the causes of conflict, or everybody will pay the price for the fragility perception. It is true that countries in Europe, Asia or the Americas were stabilized after prolonged wars that were fomented by the same ingredients of exclusion. They evolved to create better institutions, regulated markets and stabilized security.