Africa has experienced sustained growth since 2000. According to the Africa’s Development Dynamics Report (AUC/OECD, 2019), between 2000 and 2018, Africa achieved a 4.6% growth rate, better than in Latin America and the Caribbean (2.6%), but lower than Asian developing countries average (7.4%).
This remains insufficient to meet the expected annual growth rate of 7% to achieve Agenda 2063, Africa’s blueprint for socio-economic transformation during the next five decades. More importantly, despite Africa’s recent impressive growth performance, a number of challenges remain, specifically in the areas of job creation and social service delivery.
As a result, growth has not generated sufficient job opportunities for Africa’s youthful and rapidly growing population, because it continues to be driven by exports of primary commodities, which are produced in economic enclaves with limited value-addition or linkages to the rest of the economy. In addition, the continent has not been able to take advantage of the opportunities of the past three industrial revolutions to achieve economic growth and overall development.