AfDB seeks youth workforce maximization for West African economic recovery
The African Development Bank (AfDB), in its just-released Regional Economic Outlook 2020, has called on the West African countries to harness their youthful workforce for the speedy recovery of its economy post-COVID-19.
According to the Bank, growth in West Africa, which had been projected to expand by 4.0 per cent by year-end, was now projected to contract by -2.0 per cent in the same period.
The report noted that as a result of the pandemic, growth in the region could fall further by as much as -4.3 per cent in a worst-case scenario, as countries that depend on oil and tourism for foreign exchange and fiscal revenues would face reduced fiscal space and heightened external account imbalances, stoking a build-up of public debt.
This, notwithstanding, the report said West Africa’s...