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NAIROBI, Oct.8 (Xinhua) – Economic growth in sub-Saharan Africa is forecast to be negative at -3.3 percent for 2020 compared to 2.4 percent in 2019 due to COVID-19 disruptions, according to a analysis released Thursday by the World Bank.
The report, Africa’s Pulse, says the COVID-19 pandemic has taken a heavy toll on economic activity in sub-Saharan Africa, putting a decade of hard-won economic progress at risk.
“Economic activity in the region is expected to contract by 3.3 percent in 2020, confirming the prediction that sub-Saharan Africa would experience its first recession in a quarter of a century in 2020. By the end of 2021, output The region’s real gross domestic (GDP) per capita is likely to return to its level in 2007, “says the latest World Bank regional economic analysis, Africa’s Pulse: Charting the Road to Recovery.
The semi-annual review looks at the short-term economic outlook for Sub-Saharan Africa.
Sub-Saharan Africa’s real GDP is forecast to rise to 2.1 percent in 2021, which is below the rate achieved in 2019, assuming new COVID-19 cases will continue to slow across the region, according to the report. and that there will be no new outbreaks to national closures,
The findings show that in Africa, COVID-19 could push 40 million people into extreme poverty, erasing at least five years of progress in fighting poverty.
“Similarly, COVID-19 could delay progress in building human capital as school closings will affect nearly 253 million students, potentially causing learning losses,” the review says.
The analysis notes that the economic contraction caused by the COVID-19 pandemic will spread widely among sub-Saharan African countries this year.
“Growth slowed dramatically in the second quarter of 2020 in all countries, especially Nigeria (6.1 percent year-on-year) and South Africa (17.1 percent). The decline in growth is expected to be greatest in East Africa. and Southern than in West and West Africa. Central Africa, partly due to sharp contractions in production in South Africa and Angola, “the report says.
According to the World Bank analysis, successful COVID-19 containment measures have a high economic cost, as has been seen around the world.
“The road to recovery can be long and steep, but prioritizing policy actions and investments that address the challenge of creating more, better and inclusive jobs will pave the way for a faster, stronger and more inclusive recovery for African countries.” Albert Zeufack, the World Bank’s chief economist for Africa’s regions, said.
The report notes that the road to recovery will also require massive investment in all countries, as well as financial support from the international community, and recommends a bold reform agenda that includes policies that create fiscal space, along with policies to accelerate creation. of employment.
“Although the pandemic is not over and the persistence and spread of the virus is uncertain, African governments have begun to implement policies and programs to support an inclusive and sustainable post-pandemic recovery,” said Hafez Ghanem, World Bank Vice President East and Africa. Southern Africa said.
“Countries are implementing policies and programs that help create jobs and accelerate economic transformation to reduce the economic impact of the pandemic now and build the necessary capacities to ensure inclusive economic growth in the future,” he added. Final product
