African countries must aim for double-digit growth, says UN report
One way to dramatically increase government revenue is to adopt policies that improve tax collection through digitisation
Africa must digitise its economies, broaden its tax base, prevent further deterioration of fiscal and debt positions, and aim for double-digit growth to realise its potential, according to a new UN report. While economic growth in Africa remained moderate at 3.2% in 2018 — due to solid global growth and a moderate increase in commodity prices — the continent needs to achieve a fine balance between raising revenue and investment incentives to boost growth. The “2019 Economic Report on Africa”, which was released over the weekend, is a flagship publication of the UN’s Economic Commission for Africa (ECA). The 2019 report focuses on fiscal policy. According to the World Bank, growth in sub-Saharan Africa is expected to accelerate to 3.4% in 2019. Growth in Nigeria is expected to rise to 2.2% in 2019, assuming that oil production will recover. A slow improvement in private demand will constrain growth in the non-oil industrial sector. Angola is forecast to grow 2.9% in 2019 as the oil s...
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