World Bank Group TICAD Seminar #39 (World Bank Tokyo Online Morning Seminar #202) “Africa’s Pulse, October 2024 edition – Transforming Education for Inclusive Growth” (*Rescheduled)

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, 2024, 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.

At this online seminar, Cesar Calderon, Lead Economist, Office of the Chief Economist for Africa Region, presented the main findings of the report.   

Speaker: 

Cesar Calderon
Lead Economist, Office of the Chief Economist for Africa Region, World Bank

Presentation Material:

Africa's Pulse : An Analyses of Issues Shaping Africa's Economic Future (PDF)

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