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Africa

Africa: Urgent Education Reform Key to Unlocking Faster, More Inclusive Growth in Africa

todayOctober 15, 2024 2

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Washington — Despite signs of a fragile economic recovery, Sub-Saharan Africa, remains stuck in “low gear” with a large youth population at risk of being left behind. According to the latest edition of Africa’s Pulse, the World Bank’s twice-yearly regional economic update released on October 14, two factors are critical to jumpstart inclusive growth: stabilizing economies and transforming education to equip the region’s growing workforce with stronger foundational skills and market relevant expertise.

The report, which is in its 30th edition and on the theme of Transforming Education for Inclusive Growth, says economic activity in the region is projected to grow by 3% in 2024 from a low of 2.4% in 2023, driven primarily by growth in private consumption and investment. Inflation is forecast to ease from 7.1% in 2023 to 4.8% in 2024, helped by tighter monetary and fiscal policies, more stable currencies, and fewer supply chain disruptions.

However, this recovery is not enough to lift millions out of poverty. Growth per capita remains sluggish – just 0.5% in 2024, compared to an average of 2.4% between 2000 and 2014. Challenges like conflict, climate change, and soaring debt service costs are undermining progress. In 2024, 34% of government revenues across the region will be spent on debt servicing, leaving little room for productive investments.

“African governments are making strides to stabilize their finances and close budget gaps,” said Andrew Dabalen, World Bank Chief Economist for the Africa Region. “But high debt burdens are limiting investments in critical areas like education, health and infrastructure, which are essential for long-term, inclusive growth.”