The UN's trade body on Thursday said African economies were vulnerable to a triple shock as it urged governments to pave the way for tech startups that would ease dependence on commodities.
"A recent analysis by the UN Global Crisis Response Group on Food, Energy and Finance, which analyses the global economic cost 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," Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development , said at the launch of the body's latest Africa report.
The report recommended diversifying away from both commodities exports, on which many African economies continue to depend, and traditional service sectors -- such as travel and transport -- towards more knowledge-intensive services. "Africa has a growing educated middle class who need these jobs, and these types of small and medium size enterprises provide high skilled jobs -- operational officers, finance officers, government liaison relations officers, software engineers, HR managers, administrative accountants," he said.
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