Tenth Joint Annual Meetings of the African Union Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development

Abstract

Africa has exhibited strong and continuous growth since the early 2000s, after two decades of poor growth performance. Many countries have experienced a double-digit growth rate and the average growth rate on the continent was 4.3 per cent per year, which is 3 percentage points higher than in the previous two decades. Rapid growth in Africa has boosted per capita income, and poverty rates have fallen, though slowly. Wide income disparity across the population remains, however, and has even increased in many countries, making incomes in the region the most unequal in the world. On average, growth in Africa is not inclusive. Consumption inequality has risen alongside GDP growth in almost half of the countries in the last 20 years. The growth acceleration witnessed in recent years has not yet translated into inclusive and equitable jobs, especially for young people. The “good” jobs, that is, those which offer secure employment and social protection, are not abundant. Most young people and women work informally as own-account or unpaid family workers.