The International Monetary Fund IMF is projecting Sub Saharan Africa may have to create 20 million jobs annually in order to enjoy high and inclusive growth.
Managing Director of the Fund Christine Lagarde revealed this during her four nation tour of Africa.
According to her over the past two decades, extreme poverty levels in the region have declined by more than two thirds with life expectancy increasing by 10 percent whiles real per capita income has grown by more than 80 percent.
She however wants a decisive action from leaders on the continent to deal with the unemployment surge.
The IMF chief said “over the next decade, many emerging and developing economies will likely see further increases in urbanization, and with that comes new infrastructure—worth trillions of dollars globally.”
Madam Lagarde added that with this in mind including the threat of climate change Africa can grow a more resilient and more vibrant economy. The good news is that, in many areas, sound policies are bearing fruit.
She was happy countries like Ghana are already taking steps to address some critical challenges in their economies.
“I am happy your Inflation has come down to single digits. There is a primary fiscal surplus for the first time in more than a decade and strong growth—of about 7 percent—is expected over the medium-term, partly due to higher oil and gas production,” she remarked.
Lagarde added that “the stakes are high across the world.” The annual cost of bribery alone is over $1.5 trillion—roughly 2 percent of global GDP.
Source: Africafeeds.com
