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EconomyThu, 13 Jan, 22

Sub-Saharan Africa To Experience Growth Rate Of 3.7% In 2022- World Bank

Sub-Saharan Africa To Experience Growth Rate Of 3.7% In 2022- World Bank

Growth in Sub-Saharan Africa (SSA) is projected to reach an average of 3.6 percent in 2022 and 3.8 percent in 2023, according to World Bank’s January Global Economic Prospects report 2022.

The projected growth rate is however higher than the estimated 3.5 percent Growth Sub-Saharan Africa (SSA) achieved in 2021 which was supported by a rebound in commodity prices and a gradual easing of social restrictions.

According to the report, though the forecast growth rate is above erstwhile projections it is still insufficient to reverse increases in poverty and losses in per capita income in the continent.

World Bank still believe that the recovery remains fragile amid the lingering threat of recurrent COVID-19 outbreaks and the possibility of new restrictions.

“As of end December the number of fully vaccinated people stood at only 6.2 percent of SSA’s population compared to an average vaccination rate of over 44 percent across other emerging market and developing economies (EMDEs).”

The projected growth in the region is still nearly a full percentage point below its 2000-19 average, partly reflecting the lingering adverse effects of COVID-19, while the pace of vaccinations is also expected to remain slow in many SSA countries.

Meanwhile the report is forecasting a 5.5% growth rate in the Ghanaian economy in 2022, and noted that the fading tailwinds from commodity prices, the unwinding of policy support, and a shift to austerity in some countries to tackle rising debt levels could slow growth.

“Many SSA countries saw a marked deterioration in fiscal balances because of deployed relief measures, depleting already-narrow fiscal space (Ghana, Mozambique, Rwanda). This, together with constraints on financing and pressures to improve debt sustainability, will lead to a much less supportive fiscal stance across the region over the forecast horizon.

“Fiscal adjustments are expected to predominantly happen on the expenditure side with a bigger reduction in fiscal deficits in resource-rich countries, partly reflecting revenue boosts from higher commodity prices and consolidation efforts in some countries,” the report said

The report further added fiscal space is expected to remain tight with below-trend recoveries restraining revenue growth in certain countries in the region.

 

Source: Abdul -Razak Mohammed (Real Estate Times Africa)

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