Compact with Africa
Africa is a continent of great opportunities but also many challenges. Despite the high volatility of commodity prices as well as geo-political and geo-economic uncertainties, the continent’s average real GDP growth is forecasted to pick up to 3.4 percent in 2017. Africa thus remains the second fastest-growing economic region after East Asia. At the same time, there are many challenges including poverty, hunger, poor education, ill health, unemployment and inequality, bad governance and corruption.
We have to ensure that Africa’s trajectory to sustainable economic and social development is not bogged down by the economic headwinds that many African countries are facing. More investment is needed – among others in health, education, climate change mitigation, energy access, and infrastructure. Neither can the considerable opportunities be realized nor the challenges tackled without international cooperation. The G20 countries share a great responsibility in this regard. The G20 is the premier forum for international economic cooperation. It holds the necessary weight and legitimacy: its members are not only responsible for 85 percent of global gross domestic product (GDP) and three-quarters of global exports (goods and services), but also represent about two-thirds of the world’s population.