{{After more than 10 years of strong economic growth, the World Bank says Africa has been able to cut poverty on the continent, but not by enough.}}<\/p>\n
\u201cWhile the broad picture emerging from the data is that Africa\u2019s economies have been expanding robustly and that poverty is coming down, the aggregate hides a great deal of diversity in performance, even among Africa\u2019s faster growers,\u201d said Shanta Devarajan, the World Bank chief economist for Africa, and lead author of the new report.<\/p>\n
According to the World Bank\u2019s latest Africa\u2019s Pulse, a biannual analysis of the issues shaping Africa\u2019s economic prospects, during the second half of the 2000s, Ethiopia and Rwanda saw their economies expand at 8% and 10%.<\/p>\n
Devarajan notes that this resulted in a 1.3 to 1.7 percentage point yearly fall in their national poverty rates. In contrast, poverty reduction in some other countries has lagged far behind growth.<\/p>\n
Economic growth in Sub-Saharan Africa is likely to reach more than 5% on average in 2013-2015 as a result of high commodity prices worldwide and strong consumer spending on the continent.<\/p>\n
Consumer spending, which accounts for more than 60% of Africa\u2019s GDP, remained strong in 2012.<\/p>\n
The report forecasts that mid-term growth prospects remain strong and will be supported by a gradually improving world economy, consistent high commodity prices and more investment in regional infrastructure, trade, and business growth.<\/p>\n
Welcoming the assessment that Africa continues to grow faster than the global average, World Bank vice-president, Makhtar Diop, noted that there is need for faster progress in areas such as electricity and food. <\/p>\n
\u201cWithout more electricity and higher agricultural productivity, Africa cannot prosper. The good news is that governments in Africa are intent on changing this,\u201d said Diop.<\/p>\n
The report suggests that the future lies in the promise of large revenues from mineral exploitation and rising incomes created by a dramatic expansion of agricultural productivity.<\/p>\n
The large-scale migration of people from the countryside into Africa\u2019s towns and cities, and a demographic dividend potentially created by Africa\u2019s fast-growing population of young people will set the continent on a high economic growth path<\/p>\n","protected":false},"excerpt":{"rendered":"
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