{"id":467719,"date":"2020-02-03T13:29:35","date_gmt":"2020-02-03T12:29:35","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=467719"},"modified":"2020-02-03T13:29:35","modified_gmt":"2020-02-03T12:29:35","slug":"nobody-eats-gdp-says-african-development-bank-president-as-he-calls-for-inclusive-growth","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2020\/02\/03\/nobody-eats-gdp-says-african-development-bank-president-as-he-calls-for-inclusive-growth\/","title":{"rendered":"\u201cNobody eats GDP\u201d says African Development Bank President as he calls for inclusive growth"},"content":{"rendered":"
<\/div>

Africa\u2019s economies are growing strongly, but growth alone cannot meet the needs of the continent\u2019s poorest citizens, because \u201cnobody eats GDP,\u201d the African Development Bank\u2019s President,\u00a0<\/span>Akinwumi Adesina, said as he unveiled the Bank\u2019s flagship economic report on Thursday.<\/span><\/p>\n

The 2020\u00a0<\/span>African Economic Outlook<\/a>\u00a0(AEO)\u00a0<\/span>showed that\u00a0<\/span>the continent\u2019s economies are growing well, higher than the global average. The report projected a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021.<\/span><\/p>\n

According to the report, these figures do not tell the whole story. Across the continent, the poor are not seeing enough of the benefits of robust growth. Relatively few African countries posted significant declines in extreme poverty and inequality, which remain higher than in other regions of the world.<\/span><\/p>\n

Inclusive growth occurred in only 18 of 48 African countries with data, the report revealed.<\/span><\/p>\n

According to Adesina \u201cGrowth must be visible. Growth must be equitable. Growth must be felt in the lives of people.\u201d<\/span><\/p>\n

The theme of the 2020 Africa Economic Outlook report,\u00a0Developing Africa\u2019s workforce for the future,<\/em><\/strong>\u00a0calls for swift action to address human capital development in African countries, where inclusive growth has been held back by a mismatch between young workers\u2019 skills and the needs of employers.<\/span><\/p>\n

The Bank’s flagship report states that increased investments in education is key as well as progressive universalism in education spending\u2014setting high<\/span>\u00a0priorities for the poor and disadvantaged and focusing on basic education first where social returns are highest. Its recommendations include improving access to education in remote areas, incentives such as free uniforms and text books, banning child labour and improving teaching standards.<\/span><\/p>\n

To\u00a0<\/span>better match skills with job opportunities,<\/span>\u00a0the report recommends that governments need to develop\u00a0<\/span>a demand-driven education system in tune with rapidly emerging jobs in the private sector, including software engineers, marketing specialists and data analysts, the report says.<\/span><\/p>\n

\u201cAfrica is blessed with resources, but its future lies in its people\u2026education is the great equaliser. Only by developing our workforce will we make a dent in poverty, close the income gap between rich and poor, and adopt new technologies to create jobs in knowledge-intensive sectors,\u201d said Hanan Morsy, Director of the Macroeconomic Policy, Forecasting and Research Department at the Bank.<\/span><\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

Africa\u2019s economies are growing strongly, but growth alone cannot meet the needs of the continent\u2019s poorest citizens, because \u201cnobody eats GDP,\u201d the African Development Bank\u2019s President,\u00a0Akinwumi Adesina, said as he unveiled the Bank\u2019s flagship economic report on Thursday. The 2020\u00a0African Economic Outlook\u00a0(AEO)\u00a0showed that\u00a0the continent\u2019s economies are growing well, higher than the global average. The report<\/p>\n","protected":false},"author":536282,"featured_media":467720,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16158,12591,12046],"tags":[13039,16330],"class_list":{"0":"post-467719","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-bank","8":"category-feature","9":"category-leaders-en","10":"tag-african-development-bank","11":"tag-nobody-eats-gdp","12":"post_format-post-format-aside","13":"pmpro-has-access"},"yoast_head":"\n\u201cNobody eats GDP\u201d says African Development Bank President as he calls for inclusive growth - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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