Monday, May 17Inside Business Africa
Shadow

Tag: African Development Bank (AfDB)

AfDB seeks youth workforce maximization for West African economic recovery

AfDB seeks youth workforce maximization for West African economic recovery

Economy
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...