Africa facing catastrophic unemployment
A new report predicts that parts of Africa will face a “catastrophic” unemployment crisis by 2040, with the subsequent negative effects rippling through the global economy.
According to the study by the Tony Blair Institute for Global Change, there will be a shortfall of 50 million jobs on the continent (out of a labour force of 823 million).
In sub-Saharan Africa’s two largest economics, Nigeria and South Africa respectively, unemployment is currently at 14% and 27% respectively - and climbing every day.
The International Monetary Fund has previously said that by 2035, sub-Saharan Africa will have more people of working age than the rest of the world combined.
“Unless action is taken, Africa is facing a shortfall of 50 million jobs by 2040. This should serve as a serious wake up call for all. This daunting figure will not only have profound consequences for the whole of Africa and its people, but the impact on the global economy could be catastrophic,” said Jim Murphy of the Tony Blair Institute.
“Prioritising inclusive growth is a smarter, more effective way to deliver the economic prosperity Africa needs.”