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W/Bank makes growth forecast for African economy

A World Bank forecast has suggested that sub-Saharan Africa's economy will grow by 3.3 percent in 2021 after a reduction…

A World Bank forecast has suggested that sub-Saharan Africa’s economy will grow by 3.3 percent in 2021 after a reduction of 2 percent in 2020.The economic recovery will be fueled by elevated commodity prices, relaxation of stringent measures as well as recovery in global trade, according to the World Bank’s twice-yearly economic update for the region, which was released on Wednesday.

 “The surge in commodity prices coupled with rapid growth in China in the first half of the year boosted African exports,” says the October 2021 edition of Africa’s Pulse.

 The global bank anticipates the region’s economic to grow by not more than 4 percent in 2022 and 2023.

 The findings show that the region’s recovery process from the 2020 recession has been affected by a third wave of the Covid-19 pandemic, led by the Delta variant, a more transmissible and virulent strain of the virus.

 The analysis indicates that the roll-out of vaccine campaigns in Africa is falling considerably shorter compared with other continents, as about 3.3 percent of the population is inoculated compared with more than 50 percent in advanced economies.

 

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