The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
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
Africa needs accelerated structural transformation in order to take the bulk of its population out of poverty. This requires deeper investment in factors leading to growth-enhancing structural change. African countries need to diversify and expand the sources of economic growth while creating opportunities for more inclusiveness.
In recent years, many African countries have experienced a growth revival, but this has not necessarily generated decent jobs. Unemployment remained high among youth and the adult African population. Little attention has been paid to the role of informal sector in fostering growth and creating jobs.
More than 30 million Africans (about three per cent of Africa’s total population) are living outside their home countries. This figure includes those living within other African countries. These African migrants send money to their families in Africa. Remittances by African migrants play an important role as a source of financing and foreign exchange for African households and countries.
Urbanization is growing in both developed and developing countries. The proportion of the world’s urban population is expected to increase to about 57% by 2050 from 47% in 2000. More than 90% of future population growth will be accounted for by the large cities in the developing countries. In the developing world, Africa has experienced the highest urban growth during the last two decades at 3.5% per year and this rate of growth is expected to hold into 2050. Projections also indicate that between 2010 and 2025, some African cities will account for up to 85% of the population.
Over the last 50 years, Africa has moved from mostly colonial states, through seemingly endless array of development challenges, to a continent on the verge of major political and economic transformation. Over the past decade in particular, despite successive global food and financial crises, Africa has been growing at an unprecedented rate to rekindle a growing optimism about Africa’s potential.