Addis Ababa July 11/2018 Creating decent jobs in Africa has vital role to sustain the economic development on the continent, according to Africa’s Development Dynamics 2018 Report.
The first report conceived and developed by African experts, Africa’s Development Dynamics 2018 Report, was launched here today.
It noted that quality jobs remain scarce and inequalities high, despite the continent’s strong growth.
The report stated that Africa’s economy grew 4.5 percent per year between 2000 and 2017, making it the world’s second fastest growing region.
However, lack of quality jobs, inequalities, efficient structural transformation, among others, remain the challenges in the sector that hamper the aspirations to achieve African agendas.
“If current trends persist, the share of vulnerable employment in Africa will remain at 66 percent until 2022 — far from the Agenda 2063 target of 41 percent by 2023. Today, 282 million workers are vulnerably employed,” it noted.
The dynamics of growth, employment and inequalities vary across African’s regions.
The Eastern African region has benefited from higher and more resilient economy growth than other regions due to more diversified economy, while underemployment and vulnerable employment characterize the majority of African labor markets, according to the report.
Some Northern and Southern African Countries face high structural unemployment, it was pointed out.
In Central Africa net job creation has been negative in the formal sector since 2015.
Deepening regional integration and regional value chains can provide sizable opportunities for diversifying exports, the report recommended.
AU Commissioner for Economic Affairs, Professor Victor Harison said the report would contribute to indentify the major challenges the continent faces and proposes holistic strategies to resolve it.
Development Center Director, Mario Pezzini stated that the continent needs to generate more quality jobs for its large labor force, particularly for youth and women.
African governments should also consider better investments, diversifying exports, rural urban linkages and green economy to sustain economic development in the continent.