The latest African Economic Outlook paints a promising picture for the continent, but crucially, it also warns that the scourge of youth unemployment will impact severely on the capacity of African states.
The latest African Economic Outlook (AEO) has been released, and it’s optimistic. A joint project of the African Development Bank (AfDB), the OECD Development Centre, the United Nations Economic Commission for Africa (UNECA) and the UN Development Programme (UNDP), the AEO predicts that Africa will continue to be one of the fastest-growing regions in the world, having escaped the worst of the global financial crisis. In fact, the continent has seen year-on-year economic growth while economies in Europe and the US stagnate under pressure from the recession. In line with this trend, Africa is expected to grow 4.5% this year and 4.8% next.
The news is, however, not all rosy. The report warns that the sheer scale of…
View original post 692 more words