#The labour market
The labor market can be defined as the encounter between the supply of labor (by households) and the demand for labor expressed by firms to produce. To analyze the dynamics and performance of such a market, the International Labour Organization (ILO) proposes key indicators. These include the unemployment rate, which measures the proportion of the labor force that is not working, is available for work, and is looking for work. Although this indicator has long been a policy priority, it neglects other important aspects of the labor market, such as underemployment (mismatches in working hours and qualifications) and, more generally, the quality or indecency of work. For example, in most African countries the unemployment rate is relatively low. However, job insecurity persists, which can be explained by the predominance of informality in African economies.
Thus, the goal of decent work, i.e., employment that provides material well-being, economic security, equal opportunity, and opportunities for human development, is today at the center of global labor priorities (8th Goal of Sustainable Development).
Some stylized facts :
According to ILO model estimates (November 2018), the unemployment rate in 2020 is estimated at 6.8% for the entire African continent, 11.8% for North Africa and 5.9% for Sub-Saharan Africa.
The status of African workers can best be summarized by the sum of the unemployment rate and the underemployment rate. This sum exceeds 50% in most West African countries (ADB, 2018).
The cumulative share of vulnerable jobs and the unemployed in the labor force has reached a peak of about 90% in Benin (ADB, 2018).
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