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Poverty Rate in Africa to Fall to 23% by Decade's End, Expert Says
Poverty Rate in Africa to Fall to 23% by Decade's End, Expert Says
Sputnik Africa
The current rate of economic growth in the countries of Africa suggests that the poverty level on the continent will be reduced to 23% by 2030, Vsevolod Sviridov, an expert of the Center for African Studies told Sputnik.
2023-05-22T16:30+0200
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The current rate of economic growth in the countries of Africa suggests that the poverty level on the continent will be reduced to 23% by 2030, Vsevolod Sviridov, an expert at the Center for African Studies of Russia's National Research University the Higher School of Economics, told Sputnik.According to Sviridov, while maintaining the current rate of economic growth, the poverty rate on the continent will fall to 23%.The expert also noted that by 2030, the size of the middle class in Africa will grow, with the number reaching 580 million people by then.On May 1, a Mo Ibrahim Foundation report (a non-grant and non-fundraising organization focused on defining, assessing and enhancing governance and leadership in Africa) also gave an optimistic forecast for the continent, estimating that Africa's GDP growth rate would outstrip the global average in each of the next five years, being second only to Asia.According to the IMF, Africa's economic growth and living standards would be boosted by the successful implementation of the African Free Trade Area, which "could lift up to 50 million people out of extreme poverty."
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Poverty Rate in Africa to Fall to 23% by Decade's End, Expert Says
16:30 22.05.2023 (Updated: 10:44 03.08.2023) The comments made by a Russian expert on the prospects for economic growth in Africa come on the threshold of the second Russia-Africa Summit, which will be held on July 26-29, 2023 in St. Petersburg.
The current rate of economic growth in the countries of Africa suggests that the poverty level on the continent
will be reduced to 23% by 2030, Vsevolod Sviridov, an expert at the Center for African Studies of Russia's National Research University the Higher School of Economics, told
Sputnik.
"According to the World Bank, the poverty rate (income of less than $1.9 per person per day) in Africa fell from 54% in 1990 to 40% in 2018. In absolute numbers, that's 426.8 million people today," he said.
According to Sviridov, while maintaining the current rate of economic growth, the poverty rate on the continent will fall to 23%.
The expert also noted that by 2030, the size of the middle class in Africa will grow, with the number reaching 580 million people by then.
"In addition, the number of the richest will increase by another 116 million," he concluded.
On May 1, a Mo Ibrahim Foundation report (a non-grant and non-fundraising organization focused on defining, assessing and enhancing governance and leadership in Africa) also gave an optimistic forecast for the continent, estimating that Africa's GDP growth rate would outstrip the global average in each of the next five years, being second only to Asia.
According to the IMF, Africa's economic growth and living standards
would be boosted by the successful implementation of the African Free Trade Area, which "could lift up to 50 million people out of extreme poverty."
