IMF Warns of Global Labor Shortages if Africa is Neglected

The International Monetary Fund (IMF) has warned of a possible global labor shortage if the international community neglects to support Africa.

Director of IMF’s Africa department, Abebe Aemro Selassie, said Africa had not received the attention it needed to support laborers. 

“The human capital we need to motor the global economy is not getting the attention it needs. It’s a massive collective failure,” Selassie said.

Selassie said that in the next ten years, one out of two people entering the global labor would come from sub-Sahara Africa. He added that the workforce complementing global capital would “increasingly” come from Africa.

Selassie said that the pandemic and the war in Ukraine had worsened the situation in Africa, disrupting the education of children who will enter the global labor force in the next decade. 

Ethiopia, Somalia, and South Sudan have faced a food crisis because of drought, food price hikes, and lack of financial support.

The United Kingdom, the fourth largest supporter of Africa, reduced its aid spending, resulting in a 20 percent decline in financial assistance from 2020 to 2021.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.