• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Sub-Saharan Africa GDP to grow 3.3% this year, 3.5% in 2022 -World Bank

October 6, 2021 by David Barret Leave a Comment

October 6, 2021

By George Obulutsa

NAIROBI (Reuters) – Sub-Saharan Africa’s economy is expected to grow by 3.3% this year and 3.5% in 2022, buoyed by rising commodity prices, the lifting of some anti-coronavirus restrictions and a pick-up in global trade, a World Bank report said on Wednesday.

It said sub-Saharan growth would rise to 3.8% in 2023.

Like elsewhere around the world, sub-Saharan Africa imposed restrictions on movement in the first quarter of last year to limit the spread of COVID-19, throttling trade and other key economic activities including tourism and transport.

The World Bank report said growth could turn out to be higher at 5.1% in 2022 and 5.4% a year later depending on how fast COVID-19 vaccinations were rolled out, while a slower inoculation rate would reduce growth projections.

“Slower vaccine delivery and coverage would impede the relaxation of COVID-19 disruptions in economic activity and project growth to slow down to 2.4% in 2023,” the bank’s Africa’s Pulse report said.

The last Africa’s Pulse report issued in April had forecast growth of 2.3%-3.4% this year, after an estimated contraction of 2.0% in 2020.

While many developed economies have gradually reopened thanks to vaccination campaigns, the pace of inoculations in Africa has remained slow. There is concern that continued threats posed by variants of the coronavirus such as Delta may leave African nations trapped in cycles of on-off lockdowns.

As of Wednesday, Africa had registered 8.45 million COVID-19 infections and 212,000 deaths, according to a Reuters tally.

According to WHO Africa, as of end-September, half the 52 African countries that had received COVID-19 vaccines had fully vaccinated just 2% or less of their populations.

The World Bank said the economies of Angola, Nigeria and South Africa were expected to come out of recession this year.

Oil-producing Angola was seen growing by 0.4% in 2021, after five consecutive years of recession, the report said.

Nigeria’s growth was expected to be 2.4%, driven by services, while South Africa – the most industrialized economy in Africa – was projected to grow by 4.6% on the back of better performance in services, industry and agriculture.

The bank said non-resource-rich countries were also expected to rebound strongly, with Ivory Coast’s economy expected to expand 6.2% and Kenya’s 5.0% this year.

It said sub-Saharan Africa had witnessed a jump in public debt during the pandemic, with the region’s average general government gross debt projected at 71% of gross domestic product for 2021, up 30 percentage points since 2013.

“Increased funding on commercial terms, partially reflecting the recent surge in Eurobond issuances, has raised the exposure of sub-Saharan African countries to interest rate, exchange rate and rollover risks,” World Bank said.

The bank said other challenges to the region’s economic outlook included rising inflation and climate change. Despite sub-Saharan Africa being the smallest contributor to world carbon emissions, it was hardest-hit by climate change.

(Reporting by George Obulutsa; editing by Elias Biryabarema and Mark Heinrich)

Source Link Sub-Saharan Africa GDP to grow 3.3% this year, 3.5% in 2022 -World Bank

David Barret
David Barret

Related posts:

  1. Cycling-Roglic in command as Cort Nielsen wins Vuelta’s 19th stage
  2. Early Canada election call backfires on Trudeau, who now trails in polls
  3. United says about 90% staff vaccinated ahead of company deadline
  4. ABB launches world’s fastest electric car charger

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • New Island Emerges In Alaska As Glacier Rapidly Retreats, NASA Satellite Imagery Shows
  • With A New Drug Cocktail, Scientists May Have Finally Found Flu’s Universal Weak Spot
  • Battered Skull Confirms Roman Amphitheaters Were Beastly For Bears
  • Mine Spiders Bigger Than A Burger Patty Lurk Deep In Abandoned Caves
  • Blackout Zones: The Places On Earth Where Magnetic Compasses Don’t Work
  • What Is Actually Happening When You Get Blackout Drunk? An Ethically Dubious Experiment Found Out
  • Koalas Get A Shot At Survival As World-First Chlamydia Vaccine Gets Approval
  • We Could See A Black Hole Explode Within 10 Years – Unlocking The Secrets Of The Universe
  • Denisovan DNA May Make Some People Resistant To Malaria
  • Beware The Kellas Cat? This “Cryptid” Turned Out To Be Real, But It Wasn’t What People Thought
  • “They Simply Have A Taste For The Hedonists Among Us”: Festival Mosquito Study Has Some Bad News
  • What Is The Purpose Of Those Lines On Your Towels?
  • The Invisible World Around Us: How Can We Capture And Clean The Air We Breathe?
  • 85-Million-Year-Old Dinosaur Eggs Dated Using “Atomic Clock For Fossils” For The First Time
  • Why Shouldn’t You Kiss Babies? New Study Shows Even Healthy Newborns Can Become Severely Ill With RSV
  • Earth Has A New Quasi-Moon – And It Has Probably Been Around For Decades
  • Want To Kill Your Prey? Do It Feather-Legged Lace Weaver Spider Style And Vomit All Over Them
  • IFLScience The Big Questions: Are We In The Anthropocene?
  • The Wildfire Paradox Affecting 440 Million People Has As Worrying A Solution As You’d Expect
  • AI May Infringe On Your Rights And Insult Your Dignity (Unless We Do Something Soon)
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version