Africa accounts for 55% of world’s poor – ECA

Hanan Morsy, the Chief Economist for the Economic Commission for Africa, estimates that 54.8% of the world’s poor live in Africa with East and West Africa having a higher share of poverty.

She said, “The continent faced a tsunami of global shocks that have exacerbated existing socio-economic operation and equity. Africa, as a result of these shocks, currently accounts for more than half of the world’s poor at 54.8 per cent.  And we have estimated 548 million Africans living in poverty in 2022 and 149 million at risk of falling into poverty in the same year.

“There is a skewed distribution across the continent in terms of concentration of these issues, with particularly East and West Africa having a higher share of poverty across regions,’ ’she said.

Morsy claimed that the problem was made worse by existing inequalities, adding that the rate of inequality continued to increase even during periods of rapid economic expansion in Africa.

She stated that various national and international proposals have been put in place to help address this.

“We need to pursue inclusive macroeconomic policies such as targeted and efficient spending and build resilience to future shocks at the household and community level.

“African governments need to enhance resource mobilisation. To do that. I think several measures would help, including closing tax loopholes.”