* Africa poverty falling too slowly, Giugale says
* Commodity boom not creating jobs
* Nations need to open up pan-African trade
By Tim Cocks
LAGOS, May 31 (Reuters) – Africa may have enviable economic
growth rates by global standards, but they are still not enough
to pull its growing population out of poverty, the World Bank
said on Thursday.
Addressing the media during a visit to Nigeria’s commercial
hub of Lagos, Marcelo Giugale, World Bank Director of Economic
Policy and Poverty Reduction Programmes for Africa, was asked if
the continent was growing fast enough to fight dire poverty.
“The short answer is ‘No’. It’s not enough to reduce
poverty, not by enough,” he said, adding that the reasons were
complex and varied.
The IMF this month revised down its growth forecasts for
Africa in 2012 to 5.4 percent, lower than previous forecasts.
Africa’s growth has remained above 5 percent in the last
eight years, underpinned by strong prices for its natural
resources, better governance and growing disposable incomes, but
poverty is not falling anywhere near as fast.
Continued…
