The African Development Bank’s East Africa Regional Economic Outlook 2022 reviews the economic performance of 13 East African countries over the past year with short- to medium-term projections. The countries are Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania, and Uganda.

The outlook for global labour markets has worsened in recent months and on current trends job vacancies will decline and global employment growth will deteriorate significantly in the final quarter of 2022, according to this new ILO report. Rising inflation is causing real wages to fall in many countries.

The UN Economic and Social Commission for Western Asia (ESCWA) issued a report introducing a new global index that measures shortfalls in achievements in three areas: quality-adjusted human development; environmental sustainability; and good governance.

The report reveals that over half of companies in emerging economies have been impacted by extreme weather events over the last 12 months.The report shows that 58% of companies in Africa and South Asia have been hit by events such as extreme flooding, storms or droughts over the last year, compared with 48% of respondents in the previous year’s

Sub-Saharan Africa’s recovery has been abruptly interrupted. Last year, activity finally bounced back, lifting GDP growth in 2021 to 4.7 percent.

Rural economies are key to ensure food security and creating decent jobs. Yet the global context dominated by the impact of multiple and interlinked crises has laid bare prevailing decent work deficits, with many rural workers living in poverty and working informally.

The 2022 Commitment to Reducing Inequality (CRI) Index is the first detailed analysis published looking at governments’ policies and actions to fight inequality during the first two years of the pandemic. It reviews the spending, tax and labour policies and actions of 161 governments during 2020–2022.

Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook.

The creative economy is one of the world’s fastest-growing sectors. These industries create employment and income, promote innovation, and contribute to societies’ well-being. The creative economy offers a feasible development option to all countries and in particular to developing economies.

South Asia is facing renewed challenges. The impact of the Russia-Ukraine war on food and energy prices on domestic inflation is long-lasting.