The global pandemic has pushed more than 55 million Africans into extreme poverty and reversed two decades of hard work in poverty reduction on the continent. The Economic Report on Africa for 2021 blamed the growing poverty on job losses, reduced income and the inability of households to manage the risksIn a 150-page report launched in Dakar, Senegal, the United Nations Economic Commission for Africa said the coronavirus negatively impacted the continent's economy. The report also documents job losses, people earning less and the inability to manage the risks — making them more vulnerable. “So, we need strong fiscal policies and monetary policies, but most importantly, we need policies that encourage business policies that encourage enterprise, which means things like VAT and taxation,” he said. Gichinga said African countries need to produce more goods to fashion economic growth.

Source: Ethiopian News May 17, 2022 04:19 UTC