Economics
Africa May Have 90% of the World’s Poor in Next 10 Years, World Bank Says
- Rate of poverty reduction slowed after commodity price slump
- Fiscal tightening limits government scope to reduce poverty
The Mosafejo slum area of Lagos.
Photographer: Yasuyoshi Chiba/AFP via Getty Images
This article is for subscribers only.
Africa could be home to 90% of the world’s poor by 2030 as governments across the continent have little fiscal space to invest in poverty-reduction programs and economic growth remains sluggish, the World Bank said.
That’s up from 55% in 2015 and it will happen unless drastic action is taken, the lender said in its biannual Africa Pulse report released Wednesday, in which it also cut growth forecasts for the region’s key economies.