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
In a recent Book I co-authored with Prof. Kjell Hausken on “Quantitative Easing and Its Impact in the US, Japan, the UK and Europe” , we analyze, empirically, the effects of quantitative easing (QE) on interest rates and the economies of the USA, Japan, the UK, and Europe.
African economies have been growing at an average GDP rate of more than five per cent annually since 2004, and many are expected to attain middle to high income level by 2060. However, this vision cannot be achieved without a sound, developed and competitive financial sector. Notably, a well-functioning financial system will be a critical prerequisite to achieve sustained and inclusive growth.
African economies have sustained unprecedented rates of growth in the past decade. This growth was mainly driven by exports of natural resources and commodities, improved macroeconomic management, a growing middle class, and increased domestic demand fuelled by consumption and increased political stability. However, Africa’s growth has not been inclusive, as poverty rates and inequalities remain high.
We have all seen the news reports about unskilled African workers and economic migrants desperately attempting to make their way to Europe, in overcrowded and unsafe vessels, risking their lives in the quest for a better life. We have also read about the significant streams of irregular migration (including traders and highly skilled professionals) across the African continent, at a great human and social cost. The reasons for illicit and widespread migration are not new.
In the recent book I co-authored with Eliphas Ndou (Economist at the South Africa Reserve Bank Research Development), entitled “Monetary Policy and the Economy in South Africa”, we discuss some of the different empirical and pertinent monetary policy questions in South Africa. Using a Bayesian VAR approach the book assesses the linkage of monetary policy with various economic variables.