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Africa Is on Time
Report

Africa Is on Time

Maxim Pinkovskiy and Xavier Sala-i-Martin
Federal Reserve Bank of New York, 2014
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Editorial Rating

7

Qualities

  • Analytical
  • Eye Opening
  • Overview

Recommendation

Economists Maxim Pinkovskiy and Xavier Sala-i-Martin make the contrarian but compelling argument that Africa’s economies have been improving since the 1990s and that the continent’s extreme poverty is lessening. Intriguingly, they analyze African nations in terms of their European colonizers, their legacies of slavery, their natural resources and their geographic position, but they cite the standard poverty rates, too. getAbstract recommends this eye-opening report to investors and policy makers seeking insight into African economies.

Take-Aways

  • The share of Africans living below the poverty line – defined as income of roughly $1 a day – is on pace to fall from 34% in 1990 to less than 17% in 2015.
  • Economic growth has lifted many Africans out of abject poverty.
  • The growth has been broad-based; no single set of geographic attributes or historical factors has played a predominant role.

About the Authors

Maxim Pinkovskiy is an economist at the Federal Reserve Bank of New York. Xavier Sala-i-Martin is a professor of economics at Columbia University.

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