The consolidation of fiscal governance together with a push from the private sector make Africa the continent with the most sustained economic growth in the world according to the 2013 Development Effectiveness Review released by the African Development Bank. The report published by the institution started in 1964 to finance economic and social progress in Africa states that growth in places afflicted by low earnings surpassed 4.5% in 2012, and should stay above 5.5% in coming years.
There are still however inequalities and imbalances. Agriculture, for example, which is the back bone of the continent’s economy employs 70% of the population in sub-Saharan areas, but production is not in line with demographic growth with many countries running deficits in food trade balances. Per capita gross domestic product today is over 713 euros (USD 953) and the boom is having positive effects on income for the most vulnerable groups in terms of food security.
The percentage of people living below the poverty level has decreased from 51% to 39%, while the middle classes, the AfDB said, “are increasingly becoming a market of active consumers”.