Economic situation of Africa

Low levels of household income in Africa have led to fears that many people will
be left without adequate financial support. Economic activity contracted by
3.7% in 2020, which is the first recession in the region in 25 years, especially since
the region’s economic future remains uncertain amid fears of a second wave of
the COVID-19 infection threatens 40 million people into extreme poverty in
Africa, resulting in eroding many development gains in the past decade. In sub-
Saharan Africa, 45% of Africans (726 million) live below the international poverty
line, at an average of one dollar a day. The unemployment rate was 6.2%, the
youth unemployment rate was 11.58%, and the labor force participation rate
was 47.41%.

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