AfDB launches African Economic Outlook

African Development Bank (AfDB) on Thursday launched its 2012 African Economic Outlook Report in Lilongwe which has analysed economic performance of African economies including Malawi.

The report has also provided information on a country-by-country basis on the short to medium term prospects on the African continent.

AfDB resident representative for Malawi Andrew Mwaba speaking during the launch, said the report addresses the specific theme of ‘promoting youth unemployment’ which, he said, is a critical area of Africa’s socio-economic development.

He also said parts of East Africa were also hit by a severe food crisis and that African consumers had to cope up with imported inflation due to higher food and fuel prices.

Commenting on the theme of the report, Mwaba noted that although most African countries have experienced strong economic growth rates, such growth rates have not translated into increased productive employment especially among youths.

“Africa’s youth population is only growing rapidly; it is also getting better educated. If policies and actions do not address the youth, the group could present a significant risk to social cohesion and political instability,” added Mwaba.

Minister of Youth and Sport Enock Chihana, who also graced the launch of the report, said youth in Malawi form a bigger population.