As the days pass, economies have to try and heal in the best way possible under the fear of uncertainty. Economies constantly were searching for green shoots of #growth prior to the impacts of Covid-19. #Africa was set for growth of 3.9% in 2020 as stated by the African Development Bank (AFDB) in their 2020 Economic outlook publication.
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They (AFDB) even then pointed out that swift action to address human capital development was required and that youth unemployment was “a top priority”. Taking this point, the fact that millions of existing #jobs of all age groups across Africa depend greatly on export and tourism, Covid-19 has made the situation for youth employment dire.
Now the Rand, that bastion #currency of Southern Africa, with its now rapid downward trajectory as an emerging economy currency, helping to create a toxic mix. Prices will rise for imports and fuel prices wont fall as much as they should prior to the devaluation. Can we say we are in for a #risk fuelled ride to the bottom?
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