Browsing: Recession in Tanzania

Peace food security

Africa, the world’s second-fastest-growing region might drive a third of 440 it’s formal and informal workers in unemployment, as the region rolls in lockdowns that sweep away people’s means to earn their income, according to McKinsey.

As the virus threats keep on taking new shapes, Mckinsey Finding Africa’s Path report entails that report, between 9 million and 18 million of Africa’s 140 human capital informal sector could lose their jobs.

The report also noted that a further 30 million to 35 million could see a reduction in wages and working hours, as one hundred million of the 300 million informal jobs in Africa are at risk.

Already the virus has hurt other decent-paying and highly labour concentrated sectors in the region such as manufacturing, retail and wholesale, tourism, and construction, as jobs of more than half of the workforce could be lost, the report highlighted.

The virus which has already …