Twice a year, the World Bank issues a report entitled: Africa’s Pulse: An analysis of issues shaping Africa’s economic future. Just this month of October 2013 the bank released the report and here are a few highlights;
- Global economic activity remains subdued, and despite signs of strengthening in high-income countries, significant downside risks persist. Economic activity remains strong in much of Sub-Saharan Africa, underpinned by robust domestic demand.
- The economic outlook for the region is positive, although the region is vulnerable to both a sharp decline in commodity prices and the fragility of the global economy.
- More than a decade of growth has helped to lower poverty, but the twin goals of ending extreme poverty and boosting shared prosperity call for a sharp ramping up effort.
- A low growth elasticity of poverty means that growth alone will not suffice to rapidly reduce poverty in the region. Accelerating Africa’s poverty reduction will also require more inclusive growth processes and tackling inequality.
- Despite the continent’s growth turnaround and progress in the fight against poverty during the last decade, poverty in Africa remains unacceptably high, and the pace of reduction unacceptably slow.
- Almost one out of every two Africans lives in extreme poverty today. Optimistically, that rate will fall to between 16 percent and 30 percent by 2030. Under any plausible scenario, most of the world’s poor people by that date will live in Africa. Sustained growth is necessary—but not sufficient—to meet the challenge of accelerating poverty reduction in Africa.
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