Africa's Pulse, No. 29, April 2024: Tackling Inequality to Revitalize Growth and Reduce Poverty in Africa

Africa's Pulse, No. 29, Avril 2024: Lutter contre les inégalités pour revitaliser la croissance et réduire la pauvreté en Afrique

World Bank
Authors registered in the RePEc Author Service: Megumi Kubota

No 41213, World Bank Publications - Reports from The World Bank Group

Abstract: Economic growth is expected to rebound in Sub-Saharan Africa, supported by increased private consumption and declining inflation in 2024. However, this positive outlook remains fragile due to uncertain global economic conditions, low fiscal buffers, growing debt service obligation, costly external borrowing, and escalating conflict and violence, which continue to weigh on economic activity in the region. Despite the projected boost in growth, the pace of economic expansion in the region remains slow and insufficient to significantly affect poverty reduction. Structural inequality is at the core of these challenges and tackling it can help to restore growth and accelerate poverty reduction. While domestic resource mobilization and support from the international community can help alleviate the region's funding squeeze, investing in human capital, and strengthening local capacity for service delivery can build people's capacity to seize market opportunities. Policies that boost market access by addressing institutional distortions and market imperfections are also critical for fostering inclusive growth.

Keywords: Macroeconomics; and; Economic; Growth; Poverty; Reduction; Education; Private; Sector; Development (search for similar items in EconPapers)
Date: 2024
Note: ISBN 978-1-4648-2109-7 (electronic)
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Citations: View citations in EconPapers (2)

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