The World Bank (WB) published its new report on Tuesday, June 8, entitled “World Economic Outlook”. A document in which she estimates that sub-Saharan Africa should return to growth of 2.8% this year, then accelerate to 3.3% in 2022.
This performance will be mainly due to the rise in commodity prices and the gradual containment of the pandemic. According to the document, production in sub-Saharan Africa contracted by 2.4% in 2020 as a result of Covid-19, a less severe recession than initially expected.
Growth, he emphasizes, has gradually picked up this year, thanks to the positive spillover effects of the strengthening of global economic activity, notably with a rise in the prices of oil and metals, and of the progress made in the fight against the pandemic, particularly in West and Central Africa. Despite the provision of vaccines under the COVAX mechanism, the Bretton Woods Institute says procurement difficulties and logistical problems will continue to hamper vaccine campaigns.
However, notes the World Bank, Nigeria and South Africa are expected to register a growth rate of 2.1% each, against and 3.3% for Angola in 2022. Elsewhere in the region, growth is expected to rise. to 2.4% in 2021-22 in countries that export industrial products other than the three oil giants. For agricultural exporting countries, growth is expected to accelerate to an average of 4.5% per year in 2021-22.
Meanwhile, the global economy is expected to grow 5.6% in 2021, posting a post-recession rebound of unprecedented magnitude in 80 years. This recovery is patchy and largely due to the vigorous recovery of a few large economies.