Friday, Nov 19, 2021
Industrialization for DevelopmentIndustrial development is of critical importance for sustained and inclusive economic growth in African countries. Industry can enhance productivity, increase the capabilities of the workforce, and generate employment, by introducing new equipment and new techniques. Industrialization, with strong linkages to domestic economies, will help African countries achieve high growth rates, diversify their economies and reduce their exposure to external shocks. This will substantially contribute to poverty eradication through employment and wealth creation. Within the framework of the Second Industrial Development Decade for Africa (1991-2000), the United Nations General Assembly, in 1989, proclaimed 20 November “Africa Industrialization Day” (A/RES/44/237). Since then, the United Nations System has held events on that day throughout the world to raise awareness about the importance of Africa’s industrialization and the challenges faced by the continent.
The impact of COVID-19Despite being the second most-populated continent in the world (1.2 billion people), Africa represented only in the first quarter of 2020. While the COVID-19 pandemic has evolved more slowly in Sub-Saharan Africa than in other regions, it has exerted a sizable toll on economic activity with a growth expected to fall to -3.3% in 2020, pushing the region into its first recession in 25 years. The combination of domestic lockdowns and lower external demand from the global recession will weigh heavily on the industry sector.