World Bank Lead Economist and author of the Africa’s Pulse Report, Punam Chuhan-Pole, has observed that with poverty rates still high in the region, regaining the growth momentum is imperative.
He also notes that growth needs to be more inclusive and will involve tackling the slowdown in investment and the high trade logistics that stand in the way of competitiveness. He made the statement Wednesday at the launch of the report from Washington to the region via video conference. The Chuhan-Pole report on the overall calls for urgent implementation of reforms to improve institutions that foster private sector growth, develop local capital markets, improve infrastructure, and strengthen domestic resource mobilization. The Africa’s Pulse report is a bi-annual analysis of the state of African economies conducted by the World Bank. This term report has alerted that the economic growth in sub-Saharan Africa is rebounding in this year after registering the worst decline in more than two decades in 2016. As for Albert G. Zeufack, World Bank Chief Economist for the African Region, the region needs to implement reforms that increase the productivity of African workers and create a stable macroeconomic environment. He said doing so will create better and more productive jobs that are instrumental to tackling poverty on the continent.” “As countries move towards fiscal adjustment, we need to protect the right conditions for investment so that Sub-Saharan African countries achieve a more robust recovery. The environment of weak economic growth comes at a time when the continent is in dire need of necessary reforms to boost investment and tackle poverty. Countries also have to undertake much-needed development spending while avoiding increasing debt to unsustainable levels,” Zeufack noted.