Africa Must Diversify Economically, Says UN Development Head allafrica: Africa
"We believe that the continent must use every opportunity to achieve economic diversification through services, and it must seize the potential of the African Continental Free Trade Area," said Rebeca Grynspan, UNCTAD Secretary General, at a UN news conference..
"To cope with current crises and insulate itself against future shocks, Africa must diversify its economies," says the report."The continent of 1.4 billion people is among the least diversified regions in the world with regard to exports." "This fall in economic activity produced a disproportionate effect on the poorest and most vulnerable segments of the population. Various pandemic-related lockdowns and social distancing measures, as we know, severely affected the business of the informal sector, which provides jobs for the poorest social groups."
"A recent analysis by the UN Global Crisis Response Group on Food, Energy and Finance which analyzes the global economic shocks caused by the war in Ukraine, indicates that Africa and especially sub-Saharan Africa is now one of the world's most exposed regions to the current crisis," said Grynspan."This is why Africa must diversify its economy to become more resilient."
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