As a prelude to the 32nd Ordinary Session of the Assembly of Heads of State and Government of the African Union, scheduled for 10-11 February 2019 in Addis Ababa, the President of the African Development Bank had to declare: The state of the continent is good. Africa’s overall economic performance continues to improve, but it remains insufficient to cope with the structural challenges»
Among the pressing challenges, Akinwumi Adesina says that the African working-age population is expected to grow from 705 million people in 2018 to almost one billion by 2030.
With the arrival of several million young people on the labor market, the pressure to provide decent jobs will intensify. With a staggering population that is accompanied by relatively dynamic but not inclusive and job-creating growth, youth unemployment is a ticking time bomb in most African countries. In recent years, for example, statistics show that of the 73 million jobs created between 2000 and 2008, only 22% were picked up by young people in Africa.
Moreover, in 2016, the unemployment rate for this segment of the population was twice that of people over 25 years of age. These figures show the extent of the phenomenon and the urgency for leaders to find mechanisms more suited to this problem. Indeed, it is important that these young people are supported and that leaders implement targeted reforms to tackle youth unemployment.
As a whole, the report of the African Development Bank looks at job creation through the analysis of the dynamism of companies on the continent. The paper also explores the economic challenges of regional integration in Africa and the policies that can bring economic prosperity to Africa. In this regard, many observers believe today that an Africa without borders is one of the prerequisites for the development of a stable continental market. On the domestic front, however, the AfDB points to the risks of greater vulnerability to indebtedness in some countries, security and migration issues, and uncertainties related to elections and political transition that could weigh on growth. . At the external level, the institution notes the uncertainties associated with escalating tensions on world trade, the normalization of interest rates in advanced economies and uncertainties over commodity prices.
Article from AFRIC Editorial