Hanan Morsy, the Chief Economist for the Economic Commission for Africa, estimates that 54.8% of the world’s poor live in Africa.
According to a News Agency of Nigeria report, Morsy made this statement on Monday at the 55th meeting of the Conference of African Ministers of Finance, Planning, and Economic Development in Addis Abeba, Ethiopia.
“The continent faced a tsunami of global shocks,” she said, “which have exacerbated the socio-economic operation and equity already in place. Due to these shocks, Africa now makes up more than half of the world’s poor people (54.8%). Additionally, we project that 548 million Africans will be living in poverty in 2022 and another 149 million will be at risk of doing so.
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“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 said the situation was further exacerbated by existing inequalities, noting that even in times of high economic growth in Africa, the rate of inequality still rose.
She explained that several recommendations, both domestic and international, had been put in place to help tackle 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.”
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