AfDB: Championing inclusive growth across Africa. A blog by the former Chief Economist and Vice-President
For the past decade, Africa has had strong growth. A new economic momentum has been created. The continent weathered the financial crisis and has bounced back. But headline economic growth is not enough. Deliberate policies to reduce inequalities and promote inclusion are now needed more than ever before. It is time to focus on what people want: decent work, a living wage, access to basic service, more democracy and accountable governments. Africa and its people aim to be a pole of growth in the decades ahead. Read more
Over the past decade, global use of renewable energy sources (solar, wind, hydropower, geothermal, biomass, and biofuel) for generation of electricity has grown significantly, reaching 19% of total power generation in 2010 compared with 14% in 2002. The rise in the use of renewable energy has mainly been driven by increased awareness of effects of climate change and governments’ incentive programs aimed at enhancing the development and the use of green energy.
In the 1970s and 80s most African countries suffered from scourges of high inflation. During the period between the mid-1990s and the early 2000s, inflation was brought under control thanks to better macroeconomic management. However, recently the specter of hyperinflation is back. In particular, inflation rates in East African countries such as Kenya, Uganda and Ethiopia almost doubled or tripled over the past year.