Economic and Social Developments in Africa: Key Insights and Trends
Explore the latest economic and social developments in Africa, including GDP growth, inflation rates, fiscal balance, and improvements in socio-economic conditions. Gain valuable insights into Africa's economic landscape and future prospects.
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Overview of economic and social developments in Africa Adam Elhiraika, Director, Macroeconomics and Governance Division Economic Commission for Africa 20 March 2019 Marrakech. 1
Key Messages Africa s GDP grew by 3.2% in 2018 and is expected to recover to 3.4% in 2019 and 3.8% in 2020; Africa s fiscal and current account balance narrowed though still relatively high; Africa s high debt levels pose a concern to long-term development; The AfCFTA is expected to enhance intra-African trade and growth with marginal losses in revenues; Africa has made good progress in social outcomes, but inclusion especially in areas of health and education remains elusive. 2 www.uneca.org Overview of economic and social developments in Africa
Africas growth stood at 3.2% in 2018 7 6.1 6.1 5.8 5.8 6 5 3.9 4 3.4 3.2 Real GDP growth 3.1 3 3.1 2.6 3.2 2.7 (%) 2.5 1.6 2 2.1 1.0 1.9 1.0 1 -0.1 0 -1.3 -1 -2 2015 2016 2017 2018e Africa East and South Asia Latin America and the Caribbean South-Eastern Europe World SOURCE: Calculations based on UNDESA 2019 3 Overview of economic and social developments in Africa www.uneca.org
Inflation rate continues to decline among African countries. Inflation rate (%), 2016-2019 25.0 20.7 20.0 18.5 Africa 15.4 Oil-exporters 14.4 15.0 Oil-importers 13.3 North Africa 11.1 10.7 East Africa 10.0 Central Africa 8.5 West Africa 6.2 Southern Africa 5.7 5.3 5.2 5.0 0.0 2016 2017 2018 2019 SOURCE: Calculations based on UNDESA 2018 4 Overview of economic and social developments in Africa www.uneca.org
Narrowing fiscal and current account deficits, with fiscal consolidation and improved trade performance 20,000 2014 2015 2016 2017 2018e 0 18,000 16,000 -2 14,000 Fiscal Balance (% of GDP) -5.0 -4 -5.3 12,000 -5.1 -5.0 -5.0 -5.1 -6.5 -4.5 -6 -5.3 10,000 -6.2 -5.6 -5.3 -6.1 -6.0 8,000 -8 -10.0 6,000 -10 -9.6 -11.0 4,000 2,000 -12 -11.3 -13.1 -12.2 640 602 551 417 390 352 0 -14 2012 2013 2014 2015 2016 2017 Africa Oil exporting Oil importing Mineral rich Africa America Asia Europe World SOURCE: Calculations based on EIU (2018); SOURCE: Calculations based on UNCTAD 2018 5 www.uneca.org Overview of economic and social developments in Africa
Improving socio-economic conditions, though at a slow pace: Under-five mortality ratio fell by 42% between 1990 and 2017; Income inequality has declined though still relatively high (at 0.44 Gini coef.); The number of working poor declined 52.8% in 2000 to 33.5% in 2015 and projected to further decline to 30.4% in 2019; Steady progress towards gender parity. African countries need policies to: Build resilience, raise potential growth and inclusiveness to achieve the SDGs; Diversify and structurally transform to better support Africa s industrialization and enhance intra-African trade through the AfCFTA; Improve debt management; To harness urbanisation as a strong vehicle for generating fiscal revenues to finance sustainable development. 6 Overview of economic and social developments in Africa www.uneca.org
THANK YOU! www.uneca.org
