The African Union has projected a contraction across the continent's economies and the loss of almost 20 million this year amid the fallout from the coronavirus pandemic.
A report from the continental union, which comprises 55 African nations, cautioned that both formal jobs and informal jobs will be at risk.
A report from the continental union, which comprises 55 African nations, cautioned that both formal jobs and informal jobs will be at risk. The informal economy — any economic activity that falls outside the regulated economy and tax system, such as street vending — constitutes a significant majority of employment across the continent.
The AU's "realistic scenario" has the continent's GDP contracting by 0.8% in 2020, while its "pessimistic scenario" would see a 1.1% contraction. Sub-Saharan Africa's debt has ballooned to nearly 60% of GDP over the past decade, meaning significant government resources which could otherwise be used to combat the pandemic are devoted to debt service.
The bloc's report urged African leaders to "diversify and transform their economies by strengthening the productive capacity of African private sector to transform raw materials locally."
France Dernières Nouvelles, France Actualités
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