Overview

Africa achieved relatively high growth rates in the first decade of the twenty-first century, culminating in a continent-wide average growth rate of 6.1 per cent in 2007. Although rates varied across the continent, this relatively fast growth was generally shared, with several countries experiencing growth rates that exceeded their population growth rates, thus leading to increases in per capita income. This rapid growth was generally due to increased investment financed by high commodity prices, resource extraction, foreign direct investment (FDI) and inflows of other foreign resources, as well as macroeconomic stability and better economic management. This relatively rapid growth was however, not accompanied by growth in employment, as the rates of unemployment and underemployment increased in most African countries. Unemployment rates remained in double digits in a large number of African countries. The 2008 global financial and economic crises exacerbated the unemployment problem through their impacts on growth, export earnings, government revenues and foreign capital inflows into Africa.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities

Partnerships for the Goals