Sub-Saharan Africa growth to hit 3.4% in 2021 - W/Bank

Economic growth in Sub-Saharan Africa (SSA) is expected to rise between 2.3 per cent and 3.4 per cent in 2021 after contracting by 2 per cent last year.

Stating this yesterday, the World Bank also said that prospects for recovery in SSA economies are strengthening amid actions to contain new waves of COVID-19 pandemic and speed up vaccine rollouts after an economic growth contraction in the region.

According to the statement, “Growth in the region is forecast to rise between 2.3 and 3.4 per cent in 2021, depending on the policies adopted by countries and the international community.

“Real gross domestic product (GDP) growth for 2022 is estimated at 3.1 per cent. For most countries in the region, activity will remain well below the pre-COVID-19 projections at the end of 2021, increasing the risk of long-lasting damage from the pandemic on people’s living standards”.

The Bank noted that economic activity in the eastern and southern Africa sub-region is expected to expand by 2.6 per cent in 2021 and 4.0 per cent in 2022.

It also projects that real GDP in the western and central Africa sub-region will grow to 2.1 per cent in 2021 and 3.0 per cent in 2022.

Albert Zeufack, World Bank chief economist for Africa, said: “African countries have made tremendous investments over the last year to keep their economies afloat and protect the lives and livelihoods of their people.

“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.”

World Bank further said the second wave of COVID-19 infections is partly dragging down the 2021 growth projections as SSA’s recovery is expected to vary across countries.