ADDIS ABABA The African Development Bank (AfDB) has warned that many African countries are still far off the mark in efforts to eliminate extreme poverty.
In its annual report, the AfDB said the current level of performance of most countries did not meet the standard required to achieve the Sustainable Development Goal of eradicating extreme poverty by the decade’s end.
Under business-as-usual scenarios, many countries in Africa would not achieve the Sustainable Development Goal of eradicating extreme poverty (reducing it to three percent by 2030), said the report titled African Economic Outlook 2020: Developing Africa’s Workforce for the Future.
The flagship annual publication was launched on the sidelines of the 33rd African Union (AU) Summit under way here.
It said only about a third of African countries have managed to achieve inclusive growth, reducing both poverty and inequality. Growth has been inclusive in only 18 of 48 African countries Africa’s per capita consumption would need to grow by 10.25 percent a year to meet the three percent target by 2030, the report states.
It called for bold and pragmatic actions to accelerate progress and stronger structural reforms to diversity Africa’s productive base and revive growth.
Speaking at the report launch, AU Commissioner for Economic Affairs Victor Harison said Africa’s economic growth was stable in 2019 and is expected to pick up in coming years.
The report noted an improvement in growth fundamentals amid a gradual shift from private consumption to exports and investments. For the first time in a decade, investment accounted for more than half the continent’s growth, with private consumption accounting for less than one third, it said.
Another key component of the report was the development of Africa’s future workforce. Africa has the youngest population in the world. Around 70 percent of Africa’s 1.2 billion people are between the ages of 18 and 35, Harison said at the launch ceremony.
The report highlighted the need for concentrated efforts to nurture future workers and their skills.
Source: Nam News Network (NNN)