This archive report was first published on 16 October 2019.
Africa's economic growth has been hindered by the collapse of commodity prices in 2014, leading to negative GDP growth in several countries. According to a World Bank report, this has resulted in 416 million people living under $1.90 a day as of 2015.
Published on October 9, 2019, a World Bank press release states that slow domestic reforms and uncertainty in the global economy are partly to blame for the economic slowdown in Africa. The World Bank anticipates Sub Saharan Africa's economy will grow at 2.6% in 2019, 0.2% slower than its April prediction.
However, the report suggests that creating an inclusive economy might be the best way forward. Improving labor productivity and empowering women are key components of this strategy.
As World Bank Chief Economist for Africa Albert Zeufack notes, 'At the same time, evidence links poor governance to poor growth performance, so efficient and transparent institutions should be on the priority list for African policymakers and citizens.'
Women in Africa show excellent potential for entrepreneurship, with women in the region more likely to be entrepreneurs than men. However, significant earning gaps stifle this success, with women producing 33% less per hectare and earning 34% less profit in business.
Addressing these challenges requires building women's skills beyond traditional training, helping women secure land rights, and creating innovative solutions to improve women's access to finance. By doing so, African countries can catapult women's economic empowerment and drive economic growth.
