• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Business

Deepened reforms key to faster economic recovery in Sub-Saharan Africa: Report

1 April 2021, 7:47 AM  |
Amina Accram Amina Accram |  @SABCNews
Real GDP growth for Sub-Saharan Africa in 2022 is estimated at 3.1%.

Real GDP growth for Sub-Saharan Africa in 2022 is estimated at 3.1%.

Image: SABC News

Real GDP growth for Sub-Saharan Africa in 2022 is estimated at 3.1%.

Sub-Saharan African economies are set to weather the economic storm induced by the COVID-19 pandemic due to a slower spread of the virus, lower mortality, strong agricultural growth and a faster-than-expected recovery in commodity prices, according to a new report released on Wednesday by the World Bank.

The report shows economic recovery will be faster for African countries that deepen reforms and embrace digital technology. The report also highlights that growth in the region is forecast to rise between 2.3 and 3.4% this year. It further shows that a second wave of COVID-19 infections could potentially drag down 2021 growth prospects.

The Future of Work in Africa: Emerging Trends report, notes many African countries have made great investments over the last year to keep their economies going despite COVID-19.

World Bank Chief Economist for Africa, Albert Zeufack, says ambitious reforms that support job creation, and digital technology will be key to boosting efforts for economic recovery across the continent. He, however, warns that the resurgence of a second COVID-19 wave pandemic together with limited fiscal support will likely pose a treat for policymakers as they continue to work toward stronger growth.

“We predict that COVID-19 will be milder than anticipated. Economic activity in 2020 in Sub Saharan Africa and that’s on the lower end of the projection range than one year ago and this is clearly better than expected, and this is due to stronger agricultural growth and also faster thane expected commodity prices,” he says.

While some countries had a significant drop in COVID-19 infections due to containment, other countries are facing an upward trend in infections. Real GDP growth for Sub-Saharan Africa in 2022 is estimated at 3.1%. Recovery is expected to vary across countries.

Non-resource-intensive countries, such as Côte d’Ivoire and Kenya, and mining-dependent economies, such as Botswana and Guinea, are expected to see robust growth this year.

“We see prospects for recovery as countries deploy measures to contain the pandemic but also to implement measures to roll out the vaccine at high speed. So growth in the region is forecast to rise between 2.3 and 3.4% in 2021 depending on how deep are the reforms of the continent,” says Zeufack.

Meanwhile, growth contraction for East and Southern Africa sub-region, in 2020 is estimated at -3%, mostly driven by South Africa and Angola, the sub-region’s largest economies. South Africa’s, economic activity in the sub-region is projected to expand by 2.6% this year and 4% in 2022.

Growth in Western and Central Africa is projected to grow at 2.1% in 2021 and 3% in 2022.

Share article
Tags: EconomySub-Saharan Africa
Previous Post

Amounts incurred by national, provincial departments unacceptably high: ACDP

Next Post

Corruption case of three senior officials to be heard in the Pretoria Magistrate’s Court

Related Posts

File image: Stakeholders meeting at Kliptown SAPS to talk about the incident that happened at Maponya Mall in Soweto on Friday.

Transport sector needs proper regulation to help drive economy: Economist

3 June 2023, 6:47 PM
North West province

Four North West municipalities placed under financial rescue

3 June 2023, 10:00 AM
An Eskom power station seen at night.

Higher stages of load shedding don’t suggest a grid collapse: Ramokgopa

2 June 2023, 9:00 PM
New Development Bank head office

New Development Bank making good progress: Pandor

2 June 2023, 4:32 PM

New project will add 274 MW to the grid: Ramokgopa

2 June 2023, 3:07 PM
Two workers on a rooftop installing solar panels.

Presidential Climate Commission highlights urgency of renewable energy

2 June 2023, 9:39 AM
Next Post
It is alleged that they wanted a case of fraud and contravention of the Immigration Act against the Mpumalanga head of department withdrawn.

Corruption case of three senior officials to be heard in the Pretoria Magistrate's Court

Most Viewed

  • 24hrs
  • Week
  • Month
  • Deadline for Zimbabwean Exemption Permits draws near
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Durban’s N2 road, Spaghetti Junction closed due to cleanup operations
  • Limpopo healthcare set to get massive boost with multi-billion rand hospital
  • Scientist finds solution to extending life of power plants’ rotors
  • Dr Nandipha’s looks during court appearances under the spotlight
  • Deadline for Zimbabwean Exemption Permits draws near
  • Reserve Bank expected to increase repo rate on Thursday
  • Zimbabwe receives 18 helicopters from Russian Federation
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • DA joins call for Mabuyane’s resignation
  • Cele repeats call for police to take tough action against criminals
  • Eskom reinstates rolling blackouts after brief reprieve
  • Two suspects arrested in connection with murder of MUT lecturer
  • Mashaba secures new publisher for his book after Mashele funding furore

LATEST

Tunisian Ons Jabeur speaks to Serbia's Olga Danilovic after their third round match.
  • Sport

Jabeur upset with fans reselling tickets due to women’s match in night session


Medical staff wait to treat patients
  • Cholera outbreak
  • South Africa

Cholera death toll rises to 26


Paris St Germain's Kylian Mbappe celebrates scoring their second goal. Soccer Football - Ligue 1 - Paris St Germain v AS Monaco - Parc des Princes, Paris, France - December 12, 2021.
  • Sport

Mbappe targets Ligue 1 scoring record with PSG next season


A health worker walks between beds.
  • South Africa

NW Health MEC accuses management at Mahikeng Provincial Hospital of negligence


Passenger train went off the tracks and hit another one near the district of Balasore in the eastern state of Odisha.
  • World

Families, rescuers search for victims of India’s worst train crash in decades


A Bolt, formerly known as Taxify, sign is seen on the taxi car in Riga, Latvia April 9, 2019.
  • South Africa

E-hailing drivers operating in Soweto fear for their lives


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Amounts incurred by national, provincial departments unacceptably high: ACDP
Next Corruption case of three senior officials to be heard in the Pretoria Magistrate’s Court