Hanan Morsy, the Chief Economist at the Economic Commission for Africa, estimates that 54.8% of the world’s impoverished live in Africa.
According to a report from the News Agency of Nigeria, Morsy made this statement on Monday at the 55th meeting of the Conference of African Ministers of Finance, Planning, and Economic Development in Addis Ababa, Ethiopia.
She remarked, “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.”
Morsy noted that even during periods of rapid economic expansion in Africa, the rate of inequality continued to rise, adding that this scenario was further complicated by existing inequities.
She stated that many national and international recommendations have been made in order to help address 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.”
