Sub-Saharan Africa’s economy is set to recover in 2021 – a marked improvement over the extraordinary contraction of 2020.
This rebound is most welcome and primarily results from a favorable external environment, including a sharp improvement in trade and commodity prices. In addition, improved harvests have lifted agricultural production. Yet, the outlook remains highly uncertain as the recovery depends on the progress in the fight against COVID-19 and is vulnerable to disruptions in global activity and financial markets, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook for sub-Saharan Africa released Thursday.
“As sub-Saharan Africa navigates through a persistent #pandemic with repeated waves of infection, a return to normal will be far from easy,” stressed Abebe Aemro Selassie, Director of the IMF’s African Department.
“In the absence of vaccines, lockdowns and other containment measures have been the only option for containing the virus.
At 3.7 percent this year, the recovery in sub-Saharan Africa will be the slowest in the world, as advanced markets grow by more than 5 percent, while other emerging markets and developing countries grow by more than 6 percent. This mismatch reflects sub-Saharan Africa’s slow vaccine rollout and stark differences in policy space.
Download full report: https://lnkd.in/eZZY-DG8IMF SubSaharan Africa Regional Outlook OCTOBER