African Economic Outlook 2020 shows rise in growth from 3.4-3.9 pct in 2019-20

The African Development Bank has recently released 2020 African Economic Outlook revealed that the growth has been less than inclusive in 2019. Only about a third of African countries achieved inclusive growth, reducing both poverty and inequality.

The 2020 African Economic Outlook revealed that the continent's economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4 percent in 2019 to 3.9 percent in 2020 and 4.1 percent in 2021. However, the report stated that the poor are not witnessing enough of the benefits of this growth and some nations have seen significant dwindles in extreme poverty and inequality that remain higher than in regions of the planet.

"Growth must be visible. Growth must be equitable. Growth must be felt in the lives of people. Nobody eats GDP," the President of the African Development Bank, Akinwumi Adesina said while launching the report.

According to the report, the slower than expected growth is partly due to the moderate expansion of the continent's 'big five' – Nigeria, Egypt, South Africa, Algeria and Morocco. The joint growth of these countries had an average rate of 3.1 percent in comparison to the average 4 percent for the rest of the continent.

The theme of the 2020 African Economic Outlook is 'Developing Africa's workforce for the future'. The launch of the report was attended by the former President of Liberia, Ellen Johnson Sirleaf, African ministers, diplomats, researchers, and representatives of various international bodies. The report shows inclusive growth has taken place in only 18 out of 48 African countries with data. It summons for swift action to address human capital development in African countries, where inclusive growth has been held back by a mismatch between young workers' skills and the needs of employers.