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."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
20 of Kate Middleton's Most Eye-Catching Floral LooksSpring is here, and we can all take fashion inspiration from Kate Middleton's best floral outfits.
Read more »
20 Pics of the Royal Women Looking Regal in Polka DotsThese pictures prove that royal women and classic polka dots go hand in hand.
Read more »
The bullish case for stocks with major averages already up more than 20% from the lowsStocks powered higher Monday, amid a glimmer of hope that coronavirus cases may be getting close to peaking.
Read more »
20 Series Tired Parents Can Stream Right Now to Feel Like a '90s Kid AgainNeed a little nostalgia? These shows should do the trick.
Read more »
Stock market live updates: Dow rises 1,200, up 20% from low, Yellen's shocking forecastStocks ripped higher to start the holiday-shortened week as a combination of positive headlines eased investor angst after last week's abysmal March jobs numbers.
Read more »