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#AFRICA TRADING BLOCS FULL#
#AFRICA TRADING BLOCS FREE#

In Togo, it would decline from 24.1 percent to 16.9 percent.

In Mali, the rate would decline from 14.4 percent to 6.8 percent.

In Guinea-Bissau, the rate would decline from 37.9 percent to 27.7 percent.

Countries with the highest initial poverty rates, would see the biggest declines in poverty rates.

Southern Africa would see a decline of 3.9 million.

Eastern Africa would see a decline of 4.8 million.

Central Africa would see a decline of 9.3 million.

West Africa would see the biggest decline in the number of people living in extreme poverty-a decline of 12 million (more than a third of the total for all of Africa).

Under AfCFTA, extreme poverty would decline across the continent-with the biggest improvements in countries with currently high poverty rates.

Boost wages for both skilled and unskilled workers-10.3 percent for unskilled workers, and 9.8 percent for skilled workers.

Spur larger wage gains for women (10.5 percent) than for men (9.9 percent).

Increase Africa’s exports by $560 billion, mostly in manufacturing.

Boost Africa’s income by $450 billion by 2035 (a gain of 7 percent) while adding $76 billion to the income of the rest of the world.

Lift 30 million Africans out of extreme poverty and boost the incomes of nearly 68 million others who live on less than $5.50 a day.

#AFRICA TRADING BLOCS FREE#

Key Findings The African Continental Free Trade Agreement represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion. Governments will also need to design policies to increase the readiness of their workforces to take advantage of new opportunities.

The World Bank report, The African Continental Free Trade Area: Economic and Distributional Effects, is designed to guide policymakers in implementing policies that can maximize the agreement’s potential gains while minimizing risks. Creating a continent-wide market will require a determined effort to reduce all trade costs.

#AFRICA TRADING BLOCS FULL#

Full implementation of AfCFTA would reshape markets and economies across the region and boost output in the services, manufacturing and natural resources sectors.Īs the global economy is in turmoil due to the COVID-19 pandemic, creation of the vast AfCFTA regional market is a major opportunity to help African countries diversify their exports, accelerate growth, and attract foreign direct investment. The agreement will reduce tariffs among member countries and cover policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical barriers to trade.