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African ministers to review economic and social development

Published in APA News on January 25, 2023 at 19:21

According to the Economic Commission for Africa (ECA), African ministers will meet in the Ethiopian capital to review the situation of economic and social development in Africa. It will be held for one week from March 15, 2023.

African ministers responsible for finance, planning and economic development will attend CoM2023, which will be held under the theme of “Promoting Recovery and Transformation in Africa to Reduce Inequality and Vulnerability”.

The ECA announced that “this session will examine the state of economic and social development in Africa and the progress of regional integration”.

CoM2023 will also include representatives of Member States, entities of the United Nations system, pan-African financial institutions, African academic and research institutions, development partners and intergovernmental organizations.

This session will discuss Africa’s development agenda against the backdrop of the many economic and political challenges facing the continent.

Antonio Pedro, Acting Executive Director of the ECA, said the COVID-19 pandemic has pushed an additional 55 million Africans below the poverty line, adding that the global shock will leave millions more vulnerable. The poor have turned into the continent’s new poor, reversing decades of progress.

High growth rates over the past two decades have helped reduce poverty levels in Africa, with the proportion of the population living in extreme poverty falling from 55% to 35% between 2000 and 2019.

But in 2022, at least 667 million people on the continent will still live in extreme poverty.

Even when growth was high in Africa, not everyone benefited equally, the acting secretary-general said.

For example, ECA data shows that between 2004 and 2019, the top 10% of wage earners received approximately 75% of total earnings.

Furthermore, it states that high inequality and high levels of poverty create a vicious cycle in which structural bottlenecks persist, making Africans persistently vulnerable to both economic and non-economic shocks. increase.

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