Browsing: 2020 African Economic Outlook

AFDB Regional Economic Outlook 2020: West Africa

Growth in West Africa which was seen to expand by 4.0 per cent in 2020 is now projected to contract by -2.0 per cent in 2020 due to COVID-19 pandemic the African Development Bank said in its regional economic outlook report.

The virtual launch of the report on 3 July was officially launched by Ghana’s Minister of Finance Ken Ofori-Atta, in presence of other ministers of finance from the region, including Zainab Shamsuna Ahmed, Nigeria’s Federal Minister of Finance, Budget and National Planning.

West Africa’s growing youth population offers a strategic workforce which can be used for employment and economic growth, despite the pandemic devastating the continent and global economies, the Bank said in its regional economic outlook report.

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In 2020, growth in the West Africa region which was poised to expand by 4.0 per cent following growth of …

Provide young people with new skills that will meet the needs of a 21st-century labour market, African Development Bank report urges.

African Development Bank President Akinwumi Adesina said the youth must be prepared for the jobs of the future not the jobs of the past.

“Given the fast pace of change, driven by the 4th industrial revolution – from artificial intelligence to robotics, machine learning, quantum computing – Africa must invest more in re-directing and re-skilling its labour force, and especially the youth, to effectively participate,” the Bank president said.

Also Read: Ride the wave of the African Continental Free Trade Area, urges Adesina

According to the African Economic Outlook report, two-thirds of Africa’s youth are either overeducated or undereducated.

Youth unemployment is rising annually with 12 million graduates entering the labour market each year and only 3 million of them getting jobs therefore, youth unemployment must be given top …

Africa’s economies are growing strongly, but growth alone cannot meet the needs of the continent’s poorest citizens, because “nobody eats GDP,” said Akinwumi Adesina, the President of the African Development Bank during the 2020 African Economic Outlook.

According to the 2020 African Economic Outlook, Africa’s economies are growing well, higher than the global average. The report anticipated a steady rise in growth in Africa from 3.4% in 2019 to 3.9% in 2020 and 4.1% in 2021.

According to the report, these figures do not give all the details. Because across the continent, the poor are not seeing the benefits of strong growth. Comparatively, few African countries posted substantial declines in extreme poverty and inequality, which remain higher compared to other regions in the world.

The report also revealed only 18 of 48 African countries with data, had inclusive growth.

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“Growth must …