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Africa

Sub-Saharan Africa will have the slowest growing economies in the world in 2021

16 April 2021 2:44 PM
Tags:
Africa
Standard Chartered Bank
IMF
The Money Show
International Monetary Fund
Bruce Whitfield
Razia Khan
sub-Saharan Africa
SSA
COVID-19 vaccine
Covid-19 in Africa
Covid-19 vaccination

The poorest region in the world is projected to grow at 3.4%, kneecapped by the slow pace of Covid-19 vaccine rollouts.

Sub-Saharan Africa (SSA) will have to slowest growing economies in the world in 2021.

The International Monetary Fund (IMF) forecasts GDP growth of 3.4% for the region.

SSA economies contracted by 1.9% in 2020.

It is the poorest region in the world.

“Policymakers must strive to deliver vaccines,” said the IMF in a statement.

Dar es Salaam, Tanzania © bennymarty/123rf

Fastest growing SSA economies in 2021 (IMF forecast):

  • Kenya (7.6%)

  • Botswana (7.5%)

  • Niger (6.9%)

  • Mauritius (6.6%)

  • Uganda (6.3%)

The region’s largest economies - Nigeria and South Africa - is forecast to grow at 2.1% and 3.1% respectively.

The IMF says a faster than expected vaccine rollout would improve the outlook.

The Money Show's Bruce Whitfield interviewed economist Razia Khan (Standard Chartered Bank).

It [growth forecast] is disappointing, but we need to get to grips with what really happened to the region in 2020…

Razia Khan, economist - Standard Chartered Bank

There are significant vulnerabilities associated with the sub-Saharan Africa story. The pace of the vaccine rollout is the key one… Other economies are seeing far more rapid rollouts of vaccines, allowing economic activity to resume and normalise…

Razia Khan, economist - Standard Chartered Bank

We will see consumption booms everywhere as it opens up…

Razia Khan, economist - Standard Chartered Bank

The IMF said today that 32 million people in Sub Saharan Africa have been driven back into poverty as a result of Covid-19…

Razia Khan, economist - Standard Chartered Bank

The pandemic has significantly altered the capacity for future growth in many African economies…

Razia Khan, economist - Standard Chartered Bank

Listen to the interview in the audio below.




16 April 2021 2:44 PM
Tags:
Africa
Standard Chartered Bank
IMF
The Money Show
International Monetary Fund
Bruce Whitfield
Razia Khan
sub-Saharan Africa
SSA
COVID-19 vaccine
Covid-19 in Africa
Covid-19 vaccination

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