With two-thirds of Africans expected to live in cities by 2050, how Africa urbanises will be critical to the continent’s future growth and development, according to the African Economic Outlook 2016 released today at the African Development Bank Group’s 51st Annual Meetings.
The issue of illicit financial flows (IFFS) is at the forefront of the international agenda. Both the OECD and the High Level Panel have focused attention on this problem and have identified ways in which to tackle it.
Japan, one of the founding members of the OECD Development Centre, conveyed its intention to return as a member. Prime Minister Abe and Minister of Foreign Affairs Fumio Kishida confirmed Japan's commitment to the OECD Secretary General Gurría and Development Centre’s Director Mario Pezzini during their visit to Tokyo earlier this week.
Development aid totalled USD 131.6 billion in 2015, representing a rise of 6.9% from 2014 in real terms as aid spent on refugees in host countries more than doubled in real terms to USD 12 billion. Stripping out funds spent on refugees, aid was still up 1.7% in real terms, according to official data collected by the OECD Development Assistance Committee (DAC).
Tax revenues in African countries are rising as a proportion of national incomes, according to the inaugural edition of Revenue Statistics in Africa. In 2014, the eight countries covered by the report - Cameroon, Côte d’Ivoire, Mauritius, Morocco, Rwanda, Senegal, South Africa and Tunisia - reported tax revenues as a percentage of GDP ranging from 16.1% to 31.3%.
Despite a continuing slowdown in economic growth, tax revenues in Latin American and Caribbean countries rose slightly in 2014, as a proportion of national incomes, according to new data from the annual Revenue Statistics in Latin America and the Caribbean publication.
Spain’s gradual economic recovery should enable it to start reversing the sharp decline in its development assistance since 2010 and focus more of its aid budget on the neediest countries, according to an OECD Review.
Portugal has endeavoured to maintain its foreign aid programme since the economic crisis, but its aid budget has been hit hard and a plan is needed to avoid a further decline and get back on a path towards internationally agreed targets, according to an OECD Review.
Latin America’s GDP growth slowdown deepened and is expected to be negative in 2015. For a second consecutive year, Latin America falls behind the average growth of OECD countries after a full decade of convergence with advanced economies, according to the Latin American Economic Outlook 2016.
African tax administration representatives gathered under the auspices of the African Union Commission to set the framework for harmonising their revenue statistics.