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Africa's Pulse Report: Sub-Saharan Africa Needs Significant Additional Financing, According to the World Bank

07/10/2021
Categories: General Information

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The World Bank published its latest edition of the Africa's Pulse report on October 6, 2021. According to the financial institution, sub-Saharan Africa is expected to emerge from the recession caused by the COVID-19 pandemic with an expected growth level of 3.3% for 2021. But to do so, substantial additional funding will have to be deployed

.

The high price of raw materials, the relaxation of measures put in place to fight the pandemic and the resumption of international trade... are all factors that propel the growth of sub-Saharan Africa. Nonetheless, the Africa's Pulse report notes that the recovery remains fragile due to the low vaccination rate on the continent, prolonged economic damage, and the lack of momentum in the recovery. “Nevertheless, the region needs substantial additional financing to combat the effects of the pandemic, the climate crisis and to ensure an inclusive and solid recovery,” said Albert Zeufack, World Bank Chief Economist for Africa, at the launch of the October 2021 edition of the Africa's

Pulse report.

According to World Bank experts, growth is expected to approach 4% in 2022 and 2023, lagging behind in recovery compared to advanced economies and emerging markets, reflecting sluggish investment in sub-Saharan Africa. “Easy and equitable access to safe and effective Covid-19 vaccines is critical to saving lives and strengthening economic recovery in Africa,” explains Albert Zeufack, Chief Economist for the Africa Region at the World Bank. He continues: “a faster deployment of vaccines would accelerate regional growth to 5.1% in 2022 and 5.4% in 2023, with the easing of lockdown measures stimulating consumption and

investment.”
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