The IMF expects a slight recovery in growth in Africa in 2021 and 2022

The International Monetary Fund expects a rebound in weaker growth in Africa compared to the rest of the world in 2021 and 2022 due to the low level of vaccination against COVID-19.

Sub-Saharan Africa is expected to grow 3.7% in 2021 and 3.8% in 2022, a “welcome but relatively modest increase,” according to the financial institution’s forecasts released Thursday.

“The recovery in sub-Saharan Africa will be the slowest in the world, given that advanced economies will grow by more than 5% while emerging countries and in via development will grow by more than 6%, “the IMF said.

The International Monetary Fund believes that the low vaccination rate on the African continent, where only 2.5% of the total population received the Covid-19 vaccine in early October, explains this large disparity in growth rates.

“Without vaccines, a general shutdown was the only option to contain the Covid-19 epidemic. It could take more than a year to vaccinate large numbers of people, even though 12 billion doses are expected to be produced in 2021,” he has declared. added.

Despite being the least affected region in the world by Covid-19, Africa has faced several waves of the Covid-19 epidemic and African countries such as South Africa, which has the most developed industrial sector, have paid a heavy price.

Abebi Amr Selassie, Director of the Africa Department of the International Monetary Fund, believes that “global cooperation in the field of vaccination is essential (…) and will help reduce the disparity between sub-Saharan Africa and the rest of the world and prevent it”. from becoming permanent, which threatens decades of economic and social progress that lasts as a barrier ”.

According to the International Monetary Fund, growth in South Africa should reach 5% quest’year, which is more than expected, and will drop to 2.2% next year due to the failure to achieve structural reforms.

As for the Nigerian economy, growth of 2.6 percent is expected thanks to the high level of oil prices, although oil production will remain below pre-Covid-19 levels, while the Monetary Fund international expects growth of 2.7 percent in 2022 in Nigeria.

The International Monetary Fund also predicts that the gross domestic product of Angola, whose economy is heavily dependent on oil, will contract by 0.7 percent in 2021, before registering 2.7 percent growth in 2022, placing an end to six consecutive years of economic stagnation.

As for countries whose economies depend on tourism such as Cape Verde, Mauritius, Gambia and Seychelles, it will be difficult to cancel the impact of the losses recorded in 2020 caused by the Covid-19 crisis, even if growth returns to pre-pandemic levels. . .

Turning to the countries with the most fragile economies, the International Monetary Fund warned that the security situation, especially in the Sahel region, or the political situation, such as in Chad and Guinea, may “disrupt the expected recovery in consumption and investor confidence.”

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