The latest Africa’s Pulse report says that amid recession Sub-Saharan Africa is poised for recovery. The report also predicts that the COVID-19-induced recession is less severe than earlier anticipated, however, economic recovery will vary significantly across countries and sub-regions.
Economic growth in Sub-Saharan Africa is estimated to have contracted by 2.0% in 2020, closer to the lower bound of the forecast in April 2020, and prospects for recovery are strengthening amid actions to contain new waves of the pandemic and speed up vaccine rollouts, according to the World Bank’s biannual economic analysis for the region.
“African countries have made tremendous investments over the last year to keep their economies afloat and protect the lives and livelihoods of their people,” says Albert G. Zeufack, World Bank Chief Economist for Africa.
“Ambitious reforms that support job creation, strengthen equitable growth, protect the vulnerable and contribute to environmental sustainability will be key to bolstering those efforts going forward toward a stronger recovery across the African continent.”
Africa’s Pulse, The Future of Work in Africa: Emerging Trends in Digital Technology Adopt, notes that a slower spread of the virus and lower COVID-19-related mortality, strong agricultural growth, and a faster-than-expected recovery in commodity prices has helped many African economies weather the economic storm induced by the COVID-19 pandemic.
The report notes that economic recovery hinges on countries deepening reforms that create jobs, encourage investment, and enhance competitiveness.