In its biannual Africa’s Pulse report, the World Bank flags a slowdown in the pace of poverty reduction compared with other regions.
In its biannual Africa’s Pulse report on the economic outlook for the continent, the World Bank flags a slowdown in the pace of poverty reduction compared with other regions. It suggests — not for the first time — that some Asian economies may show the way.
“The pace of economic expansion in the region remains below the growth rate of the previous decade and is insufficient to have a significant effect on poverty reduction. Moreover, due to multiple factors including structural inequality, economic growth reduces poverty in sub-Saharan Africa less than in other regions,” the Washington-based lender said.“The speed of poverty reduction has decreased tremendously since 2014. The rate of reduction was 3.
This refers to “the extent to which differences in incomes across individuals are driven by the circumstances into which people are born and are beyond their control, as well as the result of market and institutional distortions, as opposed to differences in individuals’ talent or effort.Among other things, the World Bank suggests market-oriented reforms along the lines of those pursued by Vietnam and Bangladesh.
Both countries have focused on attracting foreign direct investment through domestic market reforms — this would include things like slashing red tape — to promote labour-intensive manufacturing employment opportunities.
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