According to a World Bank report released Wednesday, the economy of Sub-Saharan Africa is projected to grow by 3.3% this year, 3.5% in 2022 and 3.8% in 2023.
To limit the spread of COVID-19, like elsewhere around the world, sub-Saharan Africa imposed restrictions on movement in the first quarter of 2020. The restrictions stiffled trade and other key economic activities including tourism and transport.
Depending on how fast COVID-19 vaccinations were rolled out, the World Bank report said growth could turn out to be higher at 5.1% in 2022 and 5.4% a year later, while a slower inoculation rate would reduce growth projections.
“Slower vaccine delivery and coverage would impede the relaxation of COVID-19 disruptions in economic activity and project growth to slow down to 2.4% in 2023,” the bank’s Africa’s Pulse report said.
The last Africa’s Pulse report issued in April had forecast growth of 2.3%-3.4% this year, after an estimated contraction of 2.0% in 2020.
The World Bank said the economies of Angola, Nigeria and South Africa were expected to come out of recession this year.
The bank said other challenges to the region’s economic outlook included rising inflation and climate change.