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AfricaEconomyZimbabwe

Sub-Saharan Africa economy to rebound moderately to 2.7% in 2021: WB

By Almot Maqolo

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Sub-Saharan Africa economic growth is forecast to resume at a moderate average pace of 3% in 2021-22—essentially zero in per capita terms and well below previous projections—as persistent outbreaks in several countries continue to inhibit the recovery, a new report shows.

In its latest Global Economic Prospects report, the World Bank (WB) said Sub-Saharan Africa has been hard hit by the Covid-19 pandemic, with activity in the region shrinking by an estimated 3.7% last year.

“Covid-19 is likely to weigh on growth in Sub-Saharan Africa for a long period, as the rollout of vaccines in the region is expected to lag that of advanced economies and major Emerging Markets and Developing Economies, further dampening growth,” WB stated.

“As a result, living standards are likely to be set back a decade and tens of millions of people in the region could be pushed into extreme poverty cumulatively in 2020-21.”

WB added that: “Risks to the regional outlook are tilted to the downside, and include weaker-than-expected recoveries in key trading partner economies, logistical hurdles that further impede vaccine distribution, and scarring of labor productivity that weakens potential growth and income over the longer term.”


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