This archive report was first published on 7 October 2021.
On October 7, 2021, the World Bank released its twice-yearly economic update for Sub-Saharan Africa, predicting a 3.3% economic expansion in 2021 after a 2% contraction in 2020.
The report, titled Africa's Pulse, attributes the expected growth to a surge in commodity prices, rapid growth in China, and the relaxation of stringent measures.
According to Albert Zeufack, chief economist for Africa at the World Bank, 'Fair and broad access to effective and safe COVID-19 vaccines is key to saving lives and strengthening Africa's economic recovery.' He emphasized that faster vaccine deployment would accelerate the region's growth to 5.1% in 2022 and 5.4% in 2023.
The World Bank also noted that African countries have seized the opportunity to foster structural and macroeconomic reforms during the pandemic.
However, the report warns that accelerating the economic recovery in Sub-Saharan Africa requires significant additional financing to counter the effects of the pandemic and sustain a robust and inclusive recovery.
