IMF Deputy Managing Director, Tao Zhang, said during his visit to Botswana on July 26, 2018, that by 2035, it could add up to 110 million workers.
“Africa is the youngest continent in the world. By 2035, it could add up to 110 million workers. The implications for the region – and indeed for the whole world – are huge, in terms of potential markets and opportunities,” he said.
Zhang said he sensed a lot of optimism about Africa and the opportunity it holds, “It has a huge demographic dividend, plenty of natural resources, and untapped potential in many sectors”, adding, “yet harnessing this potential means creating 20 million jobs every year through 2035. This is twice the average number of jobs created every year during 2011-2017.”
Zhang said there is huge opportunity, but in order to reap it, countries must put their house in order.
“Many countries in sub-Saharan Africa need to reduce vulnerabilities from debt, while at same time find ways to finance large infrastructure and social spending needs. These are essential to meet the UN Sustainable Development Goals and achieve higher and more inclusive growth,” he noted.