Zeufack, Albert G.
Office of the Chief Economist for Africa Region
Author Name Variants
Zeufack, Albert (ed.)
Fields of Specialization
Micro-foundations of macroeconomics
Office of the Chief Economist for Africa Region
Externally Hosted Work
Last updated April 3, 2023
Albert G. Zeufack is the World Bank Country Director for Angola, Burundi, the Democratic Republic of Congo, and Sao Tome and Principe. Prior to this assignment, from 2016 to 2022, Dr. Zeufack held the position of Chief Economist for the World Bank’s Africa region. A Cameroonian national, Dr. Zeufack joined the World Bank in 1997 as a Young Professional and started his career as a research economist in the macroeconomics division of the research department. Since then, he has held several positions in the World Bank’s Africa, East Asia and Pacific, and Europe and Central Asia regions. Between 2008 and 2012, when on leave from the World Bank, he served as Director of Research and Investment Strategy/Chief Economist for Khazanah Nasional Berhad, a Malaysian Sovereign Wealth Fund. He previously worked as Director of Research at the Natural Resource Governance Institute, and before that he co-founded the Natural Resource Charter.
Publication Search Results
Now showing 1 - 6 of 6
Publication(World Bank, Washington, DC, 2015-05) Zeufack, Albert G. ; Hassine, Nadia Belhaj ; Zeufack, AlbertThe paper investigates the structure and dynamics of consumption inequality and inequality of opportunity in Tanzania. The analysis covers the period 2001 to 2012. It reveals moderate and declining levels of consumption inequality at the national level, but increasing inequalities between geographic regions. Spatial inequalities are mainly driven by the disparities of households’ characteristics and endowments across geographic locations. An important part of these endowments results from intergenerational transmission of parental background. Father’s education appears as the most important background variable affecting consumption and income in Tanzania. Without appropriate policy actions, there are few chances for the next generations to spring out of the poverty and inequality lived by their parents, engendering risks of poverty and inequality traps in the country.
Publication(World Bank, Washington, DC, 2015-12) Ahmed, Sabin ; Mengistae, Taye ; Yoshino, Yutaka ; Zeufack, Albert G.Uganda’s economy underwent significant structural change in the 2000s whereby the share of non-tradable services in aggregate employment rose by about 7 percentage points at the expense of the production of tradable goods. The process also involved a 12-percentage-point shift in employment away from small and medium enterprises and larger firms in manufacturing and commercial agriculture mainly to microenterprises in retail trade. In addition, the sectoral reallocation of labor on these two dimensions coincided with significant growth in aggregate labor productivity. However, in and of itself, the same reallocation could only have held back, rather than aid, the observed productivity gains. This was because labor was more productive throughout the period in the tradable goods sector than in the non-tradable sector. Moreover, the effect on aggregate labor productivity of the reallocation of employment between the two sectors could only have been reinforced by the impacts on the same of the rise in the employment share of microenterprises. The effect was also strengthened by a parallel employment shift across the age distribution of enterprises that raised sharply the employment share of established firms at the expense of younger ones and startups. Not only was labor consistently less productive in microenterprises than in small and medium enterprises and larger enterprises across all industries throughout the period, it was also typically less productive in more established firms than in younger ones.
Publication(Washington, DC: World Bank, 2022-04-13) Zeufack, Albert G. ; Calderon, Cesar ; Kabundi, Alain ; Kubota, Megumi ; Korman, Vijdan ; Raju, Dhushyanth ; Abreha, Kaleb Girma ; Kassa, Woubet ; Owusu, SolomonSub-Saharan Africa's recovery from the pandemic is expected to decelerate in 2022 amid a slowdown in global economic activity, continued supply constraints, outbreaks of new coronavirus variants, climatic shocks, high inflation, and rising financial risks due to high and increasingly vulnerable debt levels. The war in Ukraine has exacerbated the already existing tensions and vulnerabilities affecting the continent. Given the sources of growth in the region and the nature of the economic linkages with Russia and Ukraine, the war in Ukraine might have a marginal impact on economic growth and on overall poverty—as this shock affects mostly the urban poor and vulnerable people living just above the poverty line. However, its largest impact is on the increasing likelihood of civil strife as a result of food- and energy-fueled inflation amid an environment of heightened political instability. The looming threats of stagflation require a two-pronged strategy that combines short-term measures to contain inflationary pressures and medium-to-long-term policies that accelerate the structural transformation and create more and better jobs. In response to supply shocks, monetary policy in the region may prove ineffective to bring down inflation and other short-run options may be restricted by the lack of fiscal space. Concessional financing might be key to helping countries alleviate the impact of food and fuel inflation. Over the medium term, avoiding stagflation may require a combination of actionable measures that improve the resilience of the economy by shoring up productivity and job creation. Lastly, ongoing actions to enhance social protection—including dynamic delivery systems for rapid scalability and shock-sensitive financing—could be strengthened further to improve economic resilience against shocks and foster investments in productive assets.
Publication(World Bank, Washington, DC, 2020-10-07) Zeufack, Albert G. ; Calderon, Cesar ; Kambou, Gerard ; Kubota, Megumi ; Cantu Canales, Catalina ; Korman, VijdanCOVID-19 has taken a large toll on economic activity in Sub-Saharan Africa, putting a decade of hard-won economic progress at risk. The pandemic is pushing the region into its first recession in 25 years. In 2020, GDP per capita is expected to contract by 6.5 percent in Sub-Saharan Africa and by the end of 2021, it’s likely to have regressed back to its 2007’s level. As a consequence, COVID-19 could push up to 43 million people into extreme poverty in Africa, erasing at least five years of progress in fighting poverty. The road to recovery will be long, steep, and must be paved with sound economic policies. Countries need to reconstitute fiscal space to help finance programs that can stimulate recovery. Better debt transparency and management, better service delivery, civil society engagement and less corruption will be critical. Ultimately, sustained recovery will depend on how fast African countries prioritize policy actions and investment that address the challenge of creating more, better and inclusive jobs. These policy priorities, in turn, operate through three critical (an inter-related) channels: the digital transformation, the sectoral reallocation, and the the spatial integration. Countries must expand digital infrastructure and make connectivity affordable, reliable and universal across Africa. Shifting resources towards non-traditional economic sectors with higher productivity, lower volatility and greater value addition, fully leveraging the African Continental Free Trade Area (AfCFTA) will be equally critical. Finally, fostering the reallocation of resources from less to more efficient job-creating locations through enhanced rural-urban, inland-coastal connectivity will be key to jobs and economic transformation. Interestingly, number of countries, especially in the East African Community and in the West African Monetary Union are seizing the opportunity of the crisis to accelerate these reforms.
Publication(World Bank, Washington, DC, 2021-04) Zeufack, Albert G. ; Calderon, Cesar ; Kambou, Gerard ; Kubota, Megumi ; Korman, Vijdan ; Cantu Canales, Catalina ; Aviomoh, Henry E.The economic impact of the COVID-19 pandemic in Sub-Saharan Africa has been severe; however, countries are weathering the storm so far. Real GDP is estimated to contract by 2.0 percent in 2020—close to the lower bound of the forecast range in April 2020, and less than the contraction in advanced economies and other emerging markets and developing economies, excluding China. Available data from the second half of 2020 point to rebound in economic activity that explain why the contraction in the region was in the lower bound of the forecasts. It reflected a slower spread of the virus and lower COVID-19-related mortality in the region, strong agricultural growth, and a faster-than-expected recovery in commodity prices. Economic activity in the region is expected to rise to a range between2.3 and 3.4 percent in 2021, depending on the policy measures adopted by countries and the international community. However, prospects for a slow vaccine rollout, the resurgence of pandemic, and limited scope for additional fiscal support, could hold back the recovery in the region. Policies to support the economy in the near term should be complemented by structural reforms that encourage sustained investment, create jobs and enhance competitiveness. Reducing the countries’ debt burden will release resources for public investment, in areas such as education, health, and infrastructure. Investments in human capital will help lower the risk of long-lasting damage from the pandemic which may become apparent over the longer term, and can enhance competitiveness and productivity. The next twelve months will be a critical period for leveraging the African Continental Free Trade Area in order to deepen African countries’ integration into regional and global value chains. Finally, reforms that address digital infrastructure gaps and make the digital economy more inclusive –ensuring affordability but also building skills for all segments of society, are critical to improve connectivity, boost digital technology adoption, and generate more and better jobs for men and women.
Publication(Washington, DC: World Bank, 2021-10-06) Zeufack, Albert G. ; Calderon, Cesar ; Kubota, Megumi ; Korman, Vijdan ; Cantu Canales, Catalina ; Kabundi, Alain NtumbaIn 2021, Sub-Saharan Africa emerged from the recession, but its recovery is still timid and fragile. The region is projected to grow at a rate of 3.3 percent—a weaker pace of recovery than that of advanced and emerging market economies. In 2022–23, the region is projected to grow at rates below 4 percent; however, growth above 5 percent is attainable with rapid vaccine deployment in the region and thereby withdrawal of COVID-19 containment measures. In response to the pandemic, African countries are undertaking structural and economic reforms. Countries have been relatively disciplined on monetary and fiscal policies. However, limited fiscal space is handicapping African countries in injecting the fiscal resources required to launch a vigorous policy response to COVID-19.Accelerating the economic recovery in the region would require significant additional externalfinancing, in addition to rapid deployment of the vaccine. Africa’s unique conditions, such as low baseline development, preexisting climate vulnerabilities, low use of fossil fuel energy, and high reliance on climate-sensitive agriculture, pose additional challenges from climate change, but also provide opportunities to build and use greener technologies. Climate change should be considered by policymakers as a source of structural change. For instance, the energy access problem in the region can be solved by the adoption of renewable energy alongside expansion of the national grid. Policy makers need domestic and international financing to create new jobs—including green jobs. For example, in a region where much of the infrastructure, cities, and transportation systems are yet to be built, investments in climate-smart infrastructure can help cities create jobs. In resource-rich countries, wealth exposure to carbon risk can be reduced by fostering asset diversification that supports human and renewable natural capital accumulation. Financing climate change adaptation in Sub-Saharan Africa is essential, and policies to mobilize resources are critical to create more, better, and sustainable jobs.