Job Delays Africa’s
Economic Rebound - UN
The
United Nations says although Africa's economy is likely to grow
by an average four point three percent this year from one point
six percent in 2009, poverty could still increase as there may
not be a similar increase in employment.
A report by the United Nations' Economic Commission for Africa
predicted that oil exporting countries in Africa, excluding
North Africa, would grow by 5.1 percent in 2010 while oil
importers would expand by 4.9 percent.
It says the projections are well short of the seven percent
needed to create large number of jobs needed to achieve the
U.N.'s Millennium Development Goals of halving poverty by Year
2015.
Implications
The report, released at an African Union Finance and Economics
Ministers conference said this means that unemployment and
vulnerable employment as well as working poverty in Africa are
likely to increase in 2010.
The Commission also said inflation in southern African countries
could rise to double-digit figures because of lagged effects
from high oil and food prices in the region.
Remedy
The report said Africa needed to look at ways of mobilising its
own capital to finance investment and growth, as the current
global economic crisis has demonstrated the vulnerability of
Africa to the fortunes of the global economy.
It has also demonstrated that Africa cannot rely on external
sources to finance its development in a sustainable way.
REUTERS/Williams/Yinka
