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The response to the COVID-19 crisis builds momentum for Africa’s digital transformation to overcome the pandemic and create more productive jobs, according to the 2021 edition of Africa’s Development Dynamics (AfDD) launched today. The COVID‑19 pandemic is the hardest shock to African economies in 25 years. Gross domestic product (GDP) has decreased in 41 countries […]
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WHO: The African Union Commission, Department of Economic Affairs and the OECD Development Centre
TIME: 17.45 to 19.00 EAT time
Background
The African Union Commission, in collaboration with the OECD Development Centre, will release the third edition of their flagship report Africa’s Development Dynamics on Tuesday 19 January the occasion of a joint online event open to the press.
2020 marked a turning point for the global economy and for Africa’s development. The continent hit its first recession in 25 years, threatening steady development progress. The 2021 edition of Africa’s Development Dynamics examines how to finance Africa’s development amidst the current global economic crisis triggered by the COVID-19 pandemic. This year’s report focuses on how digitalisation can create quality jobs and contribute to achieving Agenda 2063, making African economies more resilient to the global recession. It explores priority policy actions w
Content provided by Last updated: 20/01 - 17:10
The response to the COVID-19 crisis builds momentum for Africa’s digital transformation to overcome the pandemic and create more productive jobs, according to the 2021 edition of (AfDD) launched today.
The COVID‑19 pandemic is the hardest shock to African economies in 25 years. Gross domestic product (GDP) has decreased in 41 countries in 2020, compared to 11 countries in 2009 when the Global Financial Crisis hit. Yet Africa’s governments are facing today’s crisis with lower financial resources than they did then: over 2010‑18, domestic revenues per capita decreased by 18%, and external financial flows per capita by 5%. Tax‑to‑GDP ratios had already been stagnating at 16.5% between 2014 and 2018 in 30 African countries, despite important tax reforms. Public revenues should contract even further, by about 10% in at least 22 African countries between