The 2020 African Economic Outlook (AEO) showed that the continent’s economies are growing well but “Nobody eats GDP” says AFDB president Mr Akinwunmi Adesina.
According to Adesina, Africa’s economies are growing strongly but growth alone cannot meet the needs of the continent’s poorest citizens. The 2020 African Economic Outlook report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021. But despite these growth figures, the poor across the continent are not seeing enough of the benefit of the robust growth. Relatively few African countries posted significant declines in extreme poverty and inequality, which remain higher than in other regions of the world.
Available data showed that inclusive growth occurred in only 18 of 48 African countries. Mr Adesina noted that “growth must be visible, equitable and felt in the lives of the people”. The report calls for swift action to address human capital development and inclusive growth.