Making the most of Africa’s growth momentum
Africa has robust growth, and the region’s economic prospects remain good. GDP per capita has expanded at 2.4 percent per year, good for an average increase in GDP per capita of 50 percent since 1996.
But the averages also hide a substantial degree of variation. For example, GDP per capita in resource-rich countries grew 2.2 times faster during 1996-2011 than in resource-poor countries.
Despite the better growth performance, poverty declined substantially less in resource-rich countries. Fast growth has also been recorded in resource-poor countries such as Rwanda, Ethiopia and Mozambique.
Most importantly, the youth bulge will need to be absorbed in productive jobs. Migration out of agriculture into the rural nonfarm economy and secondary towns appears more conducive to faster poverty reduction.