Africa: To Avert a 'Lost Decade', Africa Must Urgently Achieve Stability, Increase Growth, and Create Jobs

report, rising instability, weak growth in the region’s largest economies, and lingering uncertainty in the global economy are dragging down growth prospects in the region.

“The region’s poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth,” said Andrew Dabalen, World Bank Chief Economist for Africa. “With up to 12 million young Africans entering the labor market across the region each year, it has never been more urgent for policymakers to transform their economies and deliver growth to people through better jobs.

“The urgency of the jobs challenge in Sub-Saharan Africa is underscored by the huge opportunity from demographic transitions that we have seen in other regions,” said Nicholas Woolley, World Bank Economist and contributor to the report. “This will require an ecosystem that facilitates private-sector development and firm growth, as well as skill development that matches business demand.”

Source: Financial Digest (financialdigest.net)

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