Economic growth in Africa held steady at 3.4% in 2019 and is expected to accelerate to 3.9% in 2020 and 4.1% in 2021, the African Development Bank (AfDB) said, noting that this would represent a decline from the higher performance of the past

Economic growth in Africa held steady at 3.4% in 2019 and is expected to accelerate to 3.9% in 2020 and 4.1% in 2021, the African Development Bank (AfDB) said, noting that this would represent a decline from the higher performance of the past. The fundamental determinants of growth are also improving, with a gradual shift from private consumption to investment and exports, says the AfDB, in its annual report on "The economic outlook in Africa", presented Thursday at the Bank's headquarters. in Abidjan. For the first time in a decade, investment contributed more than half of the continent's growth, against less than a third for private consumption. However, the report shows that growth has not been inclusive. Barely a third of African countries have achieved inclusive growth, reducing both poverty and inequality. He added that despite the progress of recent decades, Africa is still lagging behind in these two areas compared to other developing regions. Thus, public policies should include measures to improve both the quantity and quality of education, and to bring education policies into line with labor market needs. This requires expanding access to schools in remote areas, strengthening incentives to invest in education, building a demand-driven and employer-responsive education system, investing in nutrition to help the poorest children, and to develop capacities in science, technology, engineering and mathematics (STEM) and information and communication technologies (ICT). Regarding inequalities in education, the AfDB calls for a progressive universalism in education spending, giving high priority to the poor and disadvantaged groups as well as to basic education, whose social benefits are the highest. The report shows that there is strong complementarity between public spending on education and spending on infrastructure, as the gains from investing in these two sectors far outweigh those from investing in just one of them.
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