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Facade of a World Bank building | Photo file
Sub-Saharan Africa’s economy is expected to grow 3.3 percent in 2021 after contracting 2 percent in 2020, the World Bank said.
According to analysis from Pulse, the World Bank’s biannual economic update for the region, the economic recovery will be fueled by high commodity prices, the easing of stringent measures as well as the resumption of global trade.
“Soaring commodity prices combined with China’s rapid growth in the first half of the year boosted African exports,” said the October 2021 edition of Africa’s Pulse.
The global lender also projects the region’s economic growth for 2022 and 2023 at just under 4%.
The results show that the region’s recovery process from the 2020 recession was affected by a third wave of the pandemic, led by the Delta variant, a more transmissible and virulent strain of COVID-19.
The analysis revealed that the roll-out of vaccination campaigns in Africa is drastically decreasing compared to other continents, as around 3.3 percent of the population is vaccinated against more than 50 percent in advanced economies.
“Equitable and broad access to effective and safe COVID-19 vaccines is essential to save lives and strengthen Africa’s economic recovery. Faster vaccine deployment would accelerate the region’s growth to 5.1% in 2022 and 5.4% in 2023 – as more containment measures are lifted, boosting consumption and investment, ”said Albert Zeufack , Chief Economist for Africa at the World Bank.
The report says African countries have seized the opportunity resulting from the COVID-19 pandemic to encourage structural and macroeconomic reforms.
“The region needs more funding to counter the effects of the pandemic and maintain a strong and inclusive recovery. This is necessary to reduce the uneven recovery path between rich and poor countries,” he said.
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