African states need new economic models amid external shocks

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AfDB’s Chief Economist Prof Kevin Urama (2nd R) and other African economists launch a report in Addis Ababa, Ethiopia. PHOTO | POOL

Regional blocs such as the East African Community (EAC)are facing pressure to upend their tools of analysing the performance of their economies in the wake of serious losses from the unpredictable patterns of climate change.

And experts warn that these uncertainties, including geopolitical incidents such as the Russian invasion of Ukraine and the Israel-Hamas war, mean central banks and treasuries must adjust their projections for a firm understanding of the real losses or gains.