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Africa Needs More Consistent Development Strategies and Priorities for Improved Public Action to Address the Challenges of Growth, Employment, and Inequality Arising from the Remarkable Emergence of the Continent According to a new report
Africa & # 39; s Development Dynamics 2018, the first annual economic report by the African Union Commission since its inception in 1963, was published today at the headquarters of the Commission in Addis Ababa, Ethiopia.
The report notes a favorable trend in commodity prices, strong domestic demand, progress in macroeconomic policies and diversification strategies of national economies have been the main drivers of the continent's recent growth, which is expected to be 4 % per year between 2018 and 2020.
The decision of some countries to invest more in infrastructure and the growing number of business partnerships – with China, India and other emerging countries were also judicious
. port is the first issue of a new joint report of the African Union Commission (AUC) produced in collaboration with the OECD Development Center.
Since the beginning of the century, Africa ranks second behind Asia. average annual gross domestic product (GDP) growth of 4.7% between 2000 and 2017. However, this level of growth has been insufficient to trigger fundamental changes.
The report focuses on "growth, employment and inequality" and highlights the importance of accelerating the structural transformation of African economies Growth is still incoherent, between 2016 and 2020 , only three of the continent's 55 countries are expected to achieve the target annual average growth of more than 7% set by the 2063 Agenda.
This growth has not created enough decent jobs, of Elsewhere, and 282 million people are currently working in unstable jobs.At the current rate, 66% of jobs will remain insecure in 2022, a figure well above the 41% targeted in 2023. And the African population is growing rapidly – a quarter of the world's population will be African by 2050. [19659004] The report also draws attention to the need to increase productivity: African businesses are far behind the rest of the m wave in sectors with high potential for creating jobs such as agribusiness, construction, leather, light industry and logistics. In addition, growth in Africa has less impact elsewhere in the world on reducing inequalities and improving well-being. If the continent's Gini coefficient had dropped by an additional seven points to 35 – at the same level as in Asia – growth would have lifted 130 million people out of poverty between 1990 and 2016. Despite a reduction, poverty extreme is still 35% of Africans. The report also reveals the mixed performance of different African regions in terms of growth, jobs and inequalities.
- East Africa has experienced stronger economic growth and more resilience than other regions, at over 100%. In addition to the underemployment and vulnerable employment that characterize most African labor markets, some countries in North Africa and Southern Africa are facing a level of employment high structural level
- . In Central Africa, the number of jobs in the formal economy has decreased since 2015.
- East Africa and West Africa have succeeded in reducing extreme poverty by 23 and 12 inequality in Africa is most prevalent in southern Africa, which, in terms of income, contains six of the ten most unequal countries in the world.
The report highlights that public action is key to improving performance in growth, jobs and inequality. National strategies are most effective when they promote good intersectoral coordination of government action, the active participation of economic actors and citizens, and a regional approach to development.
"Africa has important badets to solve its problems: a young and an entrepreneurial population, changing regions with growing rural and rapid urbanization, considerable natural resources, savings dynamics, rich ecosystems and a strong diaspora, but all too often public policies have failed to exploit these badets effectively.The implementation of the Agenda 2063 reform agenda government capacity, greater accountability, transparency, coordination and promotion of positive institutional action, "said Victor Harison, AUC Commissioner for Economic Affairs, in launching
"Africa It also has a key role to play in recasting the framework for international cooperation and sustainable development goals. The continent is an extraordinary cradle of innovation for development strategies and it is important that its partners give it more attention and further support the implementation of its creative strategies, "added Mario Pezzini, Director of the OECD Development Center and Special Adviser of the OECD. Secretary General for Development, also present in Addis Ababa
Africa & # 39; s Development Dynamics 2018 offers ten decisive strategic actions in three areas – economic, social and institutional – to achieve the development goals of the 2063 Agenda.
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