AFRICANGLOBE – A new report launched in Addis Ababa has indicated that large infrastructure gaps, climate change, high speed of urbanization, and a youthful and rapidly growing population will influence the future pace of growth in Africa.
Most African countries that are today considered low income will transit to middle income within 15 years, the report says, and all but one will be middle income by 2050. The report was compiled by the Annual Trends and Outlook Report (ATOR).
The ATOR, released by the Regional Strategic Analysis and Knowledge Support System (ReSAKSS), a program facilitated by the International Food Policy Research Institute (IFPRI), examines the current and future trends that are likely to shape the trajectory of African economies.
“As the second-fastest growing region in the world, Africa has enjoyed robust economic growth in recent years. However, that progress has not been enough to make up for the lost decades of economic stagnation that preceded the recent recovery,” the report says. “And secondly, the benefits of this growth have not trickled down to the wider population. Today too many people experience poverty and food scarcity.”
The report went on to say that the recent growth performance is encouraging but African counties still face major challenges in terms of reducing poverty and eliminating hunger and malnutrition. ATOR’s report, however, didn’t mention the only country in Africa that is projected to be low income by 2050.
The report has also found out that Africa south of the Sahara is projected to experience more sustained economic growth in GDP per capita between now and 2030 and 2050 but yet, by 2050, climate change will result in a 25% increase in cereal prices compared with a no climate change scenario.
By: Elias Meseret