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Leading the way are six economies among the world’s 10 fastest growers: Rwanda, Ethiopia, … 2020 African Economic Outlook AfDB Live. Its real GDP growth, estimated at 3.4 percent for 2019, is projected to accelerate to 3.9 percent in 2020 and to 4.1 percent in 2021. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. To achieve economic diversification and structural change towards high-productivity sectors, a better skilled and more adaptable labor force is necessary, the report recommended.Released annually since 2003, the African Economic Outlook (AEO) provides compelling up-to-date evidence and analytics to inform and support African decision makers.
You also have the option to opt-out of these cookies. North Africa will face an economic contraction forecast between 0.8 and 2.3 per cent in 2020 according to the African Development Bank Economic Outlook 2020 report. Africa’s economic growth has stabilized at 3.4 percent in 2019 and is expected to pick up to 3.9 percent in 2020 and 4.1 percent in 2021 but to remain below historical highs.Growth’s fundamentals are also improving, with a gradual shift from private consumption toward investment and exports.
Accept cookies within the '%CC%' category to view this content. Download. Africa’s economic growth remained stable in 2019 at 3.4 percent and is on course to pick up to 3.9 percent in 2020 and 4.1 percent in 2021, the African Development Bank’s 2020 African Economic Outlook (AEO) revealed Thursday. All Rights ReservedNecessary cookies are absolutely essential for the website to function properly. July 21, 2020. African Economic Outlook is a reference website which focuses on the economics of most African countries.
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THE COVID-19 GLOBAL pandemic has brought forward the future. By clicking on/or navigating the site, you agree to allow us to collect information through cookies. Ltd. © 2020. South Africa is now the fifth-worst affected country in the world, with close to 400,000 confirmed cases.The service sector, which accounts for over 50% of the GDP of most of the regional economies, is projected to be negatively impacted by the pandemic, worsened by travel bans, as well as disruption to transport, distribution, hotels and restaurants, entertainment, retail and trade.Economic diversification, characterized by commodity-driven industrialization, will help boost the region’s resilience during downturns, the report noted.The Outlook identified poverty and inequality as twin challenges affecting the Southern Africa region and called for policies aimed at making growth inclusive, broad-based and pro-poor if growth is to substantially address both issues.Compared with other regions in Africa, the region has the highest unemployment levels, averaging 12.5% between 2011 and 2019, followed by North Africa averaging11.8% over the same period.Unemployment is likely to escalate, especially in hardest-hit sectors such as tourism and hospitality, entertainment, retail and trade and agriculture, where most of the people in the region are employed.Improving business environment competitiveness in the region is therefore critical.
In addition, countries that rely on tourism, such as Mauritius, will be adversely affected.However, the immediate outlook depends on the spread of new cases. African Economic Outlook 2020 - Supplement.
Highlights of the cooperation with the GIZ-project “Support to the African Union on Migration and Displacement” … June 24, 2020. North Africa will face an economic contraction forecast between 0.8 and 2.3 per cent in 2020 according to the African Development Bank Economic Outlook 2020 report.The report noted that the prerequisites for resilience and emerging from the crisis are social inclusion, Socioeconomic stability and human capital development.According to the report, the services, tourism and industrial sectors which are the main economic contributors in North Africa are likely to be hardest hit by the pandemic.Due to the pandemic, countries in the region implemented health and budget measures to curb the spread of the virus and protect their populations. The report noted that the prerequisites for resilience and emerging from the crisis are social inclusion, Socioeconomic stability and human capital development. South Africa Economic Outlook. Only about a third of African countries achieved inclusive growth, reducing both poverty and inequality.The special theme this year is delivering education and skills for Africa’s workforce of the future. Please enter the email address that you used to register on Polity.org.za. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the African Development Bank, its Boards of Directors, or the countries they represent.
Last year the fiscal balance which was estimated at ‑5.6per cent of regional GDP, exceeded the African average of ‑4.7 per cent.The report called on the development of the agro-industrial sector to promote local agricultural value chains in the region. The region’s growth is projected to be the most affected by COVID-19.Before COVID-19, Southern Africa’s economy was projected to recover from an estimated 0.7% growth in 2019 to 2.1% in 2020.