Africa is rising and gradually taking over the helm of economic power. This growth is now evenly spread, as other parts of the continent experience a slower growth pace compared to the rest, albeit recent years point to evidence of uneven growth across the continent’s sub-regions. The African Development Bank’s (AfDB) economic outlook observed that only a third of Africa’s nations met the inclusive mark—downplaying inequality and poverty across the continent. Inequality and poverty have not been combatted efficiently as that would require deep structural reforms, build resilience for farmers against harsh-weather conditions by providing for smart agricultural schemes and providing fiscal space for expansion of safety nets. In the same context, the continent’s growth has been forecasted on different levels. The outlook released on January 30, pointed out that Africa’s economic growth had stabilized at 3.4 per cent in 2019 and is expected to pick up to 3.9 per cent in 2020 and 4.1 per cent in 2021 but will likely remain below historical highs. However, the AfDB’s July 2020 outlook supplement which was a comprehensive socio-economic assessment of the pandemic’s impact projected growth to rebound to 3 per cent in 2021 from -3.4 per cent in the worst-case scenario for 2020. Further, the World Bank (WB)—one of Africa’s biggest lender had its take, and argued that—"economic and social
Subscribe to unlock this article
Login to read this article for free and get 3 free premium articles. Subscribe today for unlimited premium articles and more.