The Chief Economist at the Economic Commission for Africa, Hanan Morsy has said Africa currently accounts for more than half of the World’s poor at 54. 8 per cent.
Morsy said this at the 55th session of the Conference of African Ministers of Finance, Planning, and Economic Development in Addis Ababa, Ethiopia, on Monday, according to a News Agency of Nigeria report.
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 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.”