JOHANNESBURG, January 31 (ANA) - Africa’s economic growth was steady at 3.4 percent in 2019, but is on course to pick up to 3.9 percent in 2020 and 4.1 percent the year after, the African Development Bank has said.
The bank's latest economic outlook for the continent, presented in Abidjan on Thursday by AfDB President Akinwumi Adesina, says the slower than expected expansion last year was partly due to the moderate growth of Africa's “big five”, namely Algeria, Egypt, Morocco, Nigeria and South Africa.
The report calls for urgent investment in education and infrastructure for good returns in long-term gross domestic product.
"Youth unemployment must be given top priority. With 12 million graduates entering the labour market each year and only three million of them getting jobs, the mountain of youth unemployment is rising annually," Adesina said.
The report shows that investment expenditure, rather than consumption, accounted for over 50 percent of GDP growth in 2019 for the first time in a decade.
This shift can help sustain and potentially accelerate future growth in Africa, increase the continent’s current and future productive base, and improve productivity of the workforce.
Overall, Africa's growth fundamentals have improved, driven by a gradual shift toward investments and net exports and away from private consumption.
East Africa maintained its lead as the continent’s fastest-growing region in 2019, with average growth estimated at 5.0 percent, followed by North Africa with 4.1 percent, West Africa with 3.7 percent and Central Africa with 3.2 percent, while southern Africa trailed at 0.7 percent, dragged down by the devastating cyclones Idai and Kenneth.
The report called for Africa to build skills in information and communication technology and in science, technology, engineering, and mathematics.
"The Fourth Industrial Revolution will place increasing demands on educational systems that are producing graduates versed in these skills,” it noted.
- African News Agency (ANA), Editing by Stella Mapenzauswa
