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The World Bank released today a new issue of "Africa's Pulse," a snapshot of the most urgent economic trends facing African economies.
This volume contains analysis on:
1- Economic outlook for Sub-Saharan Africa
2- Sub-Saharan Africa's employment challenge
Summary of findings:
- Recent developments in high-income countries have pulled down global growth and significantly weakened overall prospects for the global economy.
- Notwithstanding a more difficult global economic environment and the effects of a devastating drought in some parts, the Africa region's GDP growth is forecast to attain pre-crisis levels in 2012.
- Like other regions, Sub Saharan Africa's growth has not created enough productive jobs to absorb the 7-10 million young people entering the labor force each year.
- Unlike other regions, most Africans are not unemployed-they are working in low-productivity jobs in the informal sector.
- Even rapid growth of the formal sector is unlikely to keep pace with the number of new entrants in the labor force.
- The challenge for policymakers is to lift the productivity of jobs in the frequently ignored informal sector.
Read the full analysis here.