–World Bank Reports
Sub-Saharan Africa’s economy shows signs of recovery but remains stuck in “low gear,” with millions of young people at risk of being left behind, according to the latest edition of Africa Pulse, the World Bank’s regional economic update.
The report identifies two critical priorities for unlocking faster and more inclusive growth: stabilizing economies and transforming education to equip the expanding workforce with essential skills.
The 30th edition of Africa Pulse, themed Transforming Education for Inclusive Growth, projects regional economic growth to rise to 3% in 2024, up from 2.4% in 2023, driven primarily by private consumption and investments. Inflation is expected to drop from 7.1% in 2023 to 4.8% in 2024, aided by tighter monetary policies, more stable currencies, and fewer supply disruptions.
Despite these positive trends, economic growth alone is insufficient to significantly reduce poverty, with per capita growth projected to reach only 0.5% in 2024. This is a sharp decline from the 2.4% annual average between 2000 and 2014. Ongoing challenges—such as conflicts, climate change, and rising debt costs—continue to hinder economic progress. By 2024, an estimated 34% of government revenues will be spent on debt servicing, constraining investments in key areas like education, health, and infrastructure.
“African governments are making progress in stabilizing their finances and narrowing budget deficits,” said Andrew Dabalen, Chief Economist for the Africa Region at the World Bank. “However, the burden of high debt limits critical investments necessary for sustained and inclusive growth.”
A rapidly growing working-age population presents both an opportunity and a challenge. While child survival rates have improved significantly over the past two decades, public spending on education remains the lowest in the world.
To achieve universal education by 2030, Africa Pulse estimates that education systems will need to accommodate 170 million additional children and adolescents, requiring approximately 9 million new classrooms and 11 million more teachers.
Despite these challenges, the region has made notable progress, with 270 million children now enrolled in primary and secondary schools. Primary school completion rates have also increased since 2000.
Dabalen emphasized the need for a well-educated, highly skilled youth population to tap into emerging opportunities in the digital and green economies. “Smart spending and evidence-based planning are crucial to ensuring that education expansion translates into improved learning and better employment outcomes,” he added.
However, significant gaps persist. Seventy percent of children in Sub-Saharan Africa lack access to pre-primary education, and less than 1.5% of youth aged 15 to 24 are enrolled in vocational training, compared to 10% in high-income countries. Addressing these disparities will be critical for the region’s economic future.
To create meaningful job opportunities for the growing workforce, Africa Pulse underscores the importance of fostering entrepreneurship and supporting small businesses, alongside attracting larger firms.
It is envisaged that by equipping youth with market-relevant skills and expanding access to vocational education, Africa can unlock sustainable growth and position itself for a more prosperous, inclusive future.
