Africa Economic growth for 2019 and 2020 is projected at 4 and 4.1 percent, respectively
According to the AFDB’s African Economic outlook for 2019, mild recovery in commodity prices and improved macroeconomic stability will be spur growth
The report however notes that this growth performance is not sufficient to address the challenges of structural transformation.
The AFDB recommends a rebalancing of Africa’s imports from consumption to intermediate and capital goods to help countries benefit from scale and scope economies, exploit knowledge transfers and promote structural transformation.
Deep reforms in public financial management are also required to improve revenue mobilization, and ease debt vulnerabilities, according to the report.
The report notes that Africa still faces a huge job challenge and despite industry’s potential to create high-quality jobs, Africa has de-industrialized prematurely.
The AFDB report also highlights the urgent need to create jobs in higher productivity sectors by developing a strong manufacturing sector.
New and timely analytics also show that the Continental Free Trade Agreement (CFTA) can offer substantial gains for all African countries.
In its last part, the report provides short-to-medium term forecasts on the evolution of key macroeconomic indicators for all 54 regional member countries, as well as analysis on the state of socio-economic challenges and progress made in each country.
