and inclusive. Here in Abidjan, on African soil, I take inspiration from Africa. On this continent, we can see, as under a magnifying glass, the challenges facing the whole world, but also see great potential. Africa has abundant resources to prosper.
To bring more dynamism into the current global growth outlook, all countries need the bridge of international cooperation.
The economic outlook is slow and it is uneven. As you will see from our updated forecast next week, the current pace of global growth remains quite weak, well below the 3.8% average in the two decades before the pandemic.
Growth is below trend, with low-income countries being hit the hardest. Why? Because they have had extremely limited capacity to buffer their economies and their people. Divergence is also driven by many other factors: differences in macroeconomic fundamentals, in the extent of dependency on, and in the goods and services.
For countries, high inflation hurts consumer and investor confidence, erodes the foundation for growth, and above all, it hurts the poorest people the most. Winning the fight against inflation means interest rates to remain higher for longer. Our analysis shows that there is growing risk of tight credit is putting pressure on commercial real estate firms in the US, in Europe, in China.
Strong state institutions. History teaches us that poor countries become richer by educating people, putting in place good infrastructure, and ensuring effective governance with respect to the rule of law.
For Africa, education, infrastructure, and green, low-carbon, digital falls into the infrastructure bucket, much in the same way electricity underpinned economic progress in the 20th century.
Let us advance further and see examples in the region. Years teach us about Kenya's mobile payment inclusion, Hello Tractor, a platform that operates in countries in sub-Saharan Africa, where farmers rent tractors by message.
Access to creativity in services increases tax collection and lifts up the quality of spending. During the pandemic, in Nigeria they wrote a payment program called cash transfers.
Our analysis shows that emerging markets and developing countries need a package of reforms to cut, improve governance, and reach agreement.
The African Continental Free Trade Area brings together African countries to make the largest free trade area to deliver integration.
The African continent is sophisticated, but fragmentation is a challenge.
The IMF's approved programs are very proud of the continent of sub-Saharan Africa. More than half of low-income countries are at risk of debt distress. We have made progress on the common framework.
Zambia, Sri Lanka, and others have created a global framework.
More needs to be done for vulnerable emerging market and developing economies, and we urgently need to strengthen the global financial safety net.
The pandemic showed the need for global liquidity lines to strengthen the global safety net. Our member countries' resources are our first line of defense.
Africa is at a shift, and the president has finished speaking. We are pulling together in full cooperation with the policy.
