This revelation was made by the International Monetary Fund (IMF) boss, Christine Lagarde whilst visiting some four nations in Africa.
IMF says Africa needs 20 million jobs annually to enhance rapid growth
Africa is projected to create 20 million jobs annually in order to enjoy high and inclusive growth.
Madame Lagarde thinks that Africa really needs to put more effort in the creation of jobs in its region to help eradicate the menace of poverty on the continent.
She said, “over the next decade, many emerging and developing economies will likely see further increases in urbanization, and with that comes new infrastructure worth trillions of dollars globally.”
Nonetheless, she reveals that Africa is doing well to enhance a better living for its citizens hence the need to create more jobs.
According to her, the extreme poverty that levelled against Africa has declined by more than two thirds over the past two decades.
She then added that life expectancy has as well increased by 10 per cent whiles real per capita income has grown by more than 80 per cent
Madame Lagarde further said that with this in mind including the threat of climate change Africa can grow a more resilient and more vibrant economy. The good news is that, in many areas, sound policies are bearing fruit.
She was delighted seeing countries like Ghana already taking steps to address some critical challenges in their economies.
She said, “I am happy your Inflation has come down to single digits.” Adding that, “There is a primary fiscal surplus for the first time in more than a decade and strong growth of about 7 per cent is expected over the medium-term, partly due to higher oil and gas production.”
She then added that “the stakes are high across the world.”
The annual cost of bribery alone is over $1.5 trillion amounting to almost 2 per cent of global GDP.
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