Forging a Social Contract for Reducing Poverty and Inequality in Africa ECA_OFFICIAL: Africa
While Africa's robust economic growth in the last two decades reduced poverty, its benefits were not equally accrued as inequality not only widened, but also remained pervasive across all sub-regions. Income and wealth inequalities are particularly stark in Southern Africa.Source: ECA computations based on World Bank data
These high rates of poverty and inequality have exacerbated the socio-economic conditions of the poor going forward. For instance, over 80% of the labor force works in the informal sector where they generally lack access to healthcare and other social schemes. Thanks to lockdowns during the pandemic, their earnings declined by 81 per cent in the first month of the pandemic , increasing their risk of slipping into poverty.
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