Publication:
Sierra Leone 2021 Economic Update: Welfare and Poverty Effects of the COVID-19 Pandemic

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dc.contributor.authorWorld Bank
dc.date.accessioned2021-06-21T18:52:58Z
dc.date.available2021-06-21T18:52:58Z
dc.date.issued2021-06-16
dc.description.abstractThe global economy is projected to grow 6 percent in 2021, stronger than had previously been expected, reflecting fiscal support in advanced economies, especially the US, and faster rollout of vaccines than anticipated. However, amid COVID-related uncertainty, recoveries are varying within as well as between countries. Growth is projected to vary substantially depending on the policy space available, and how much a country relies on tourism and commodity exports. While advanced economies as a group are now projected to grow by 5.1 percent in 2021, growth in Sub-Saharan Africa (SSA) will rebound by only 3.4 percent. The immediate and medium-term policy priorities should focus on strengthening the response to the COVID-19 pandemic by rolling out a strong vaccination program and implementing broad-based macroeconomic reforms to support a quick economic recovery. First, to prevent a severe second wave from disruption economic recovery over the medium-term, the authorities should develop and implement a robust vaccination program that targets inoculation of population ‘at risk’ (health workers, persons aged 70 years and those with comorbidities) and all adults. Sierra Leone’s access to vaccines could depend on its strategic relationship with key development partners and vaccine-producing nations. The country should strengthen alliances with development partners and support multilateral-led approaches by the African Union to increase its access to vaccines. Second, addressing existing macroeconomic weaknesses and implementing reforms to mitigate the existing risks to medium-term recovery will be critical for a sustained inclusive economic recovery that supports poverty reduction. Fiscal Policy can also be useful in ensuring that the economic recovery is pro-poor and inclusive. For the recovery to be pro-poor and pro-welfare, fiscal policy should balance the risks from growing debt with those from premature consolidation. Given the limited fiscal space, policy support should focus on expenditure reprioritization toward social sectors to ensure wider access to basic public services, especially vaccinations. This reprioritization effort should be grounded on credible medium-term fiscal frameworks. Both pre-distributive (policies that affect the distribution of market income) and redistributive (after-market) are needed to tackle poverty and inequality over the recovery period. Predistributive policies include measures to enhance access to basic services. Redistributive policies include tax and transfer policies designed to reallocate income from the top to the bottom of the income scale.en
dc.identifierhttp://documents.worldbank.org/curated/en/977131623908125668/Sierra-Leone-2021-Economic-Update-Welfare-and-Poverty-Effects-of-the-COVID-19-Pandemic
dc.identifier.doi10.1596/35784
dc.identifier.urihttps://hdl.handle.net/10986/35784
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectFISCAL TRENDS
dc.subjectPUBLIC DEBT
dc.subjectEXTERNAL SECTOR
dc.subjectMONETARY POLICY
dc.subjectCORONAVIRUS
dc.subjectCOVID-19
dc.subjectECONOMIC OUTLOOK
dc.subjectPOVERTY
dc.subjectWELFARE IMPACT
dc.subjectPANDEMIC IMPACT
dc.subjectEMPLOYMENT
dc.subjectACCESS TO BASIC SERVICES
dc.titleSierra Leone 2021 Economic Updateen
dc.title.subtitleWelfare and Poverty Effects of the COVID-19 Pandemicen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleSierra Leone 2021 Economic Update
okr.date.disclosure2021-06-17
okr.date.doiregistration2025-05-07T10:17:53.821893Z
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/977131623908125668/Sierra-Leone-2021-Economic-Update-Welfare-and-Poverty-Effects-of-the-COVID-19-Pandemic
okr.guid977131623908125668
okr.identifier.externaldocumentum090224b0886f8101_1_0
okr.identifier.internaldocumentum33181629
okr.identifier.report160598
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/977131623908125668/pdf/Sierra-Leone-2021-Economic-Update-Welfare-and-Poverty-Effects-of-the-COVID-19-Pandemic.pdfen
okr.region.administrativeAfrica
okr.region.administrativeAfrica Western and Central (AFW)
okr.region.countrySierra Leone
okr.topicHealth, Nutrition and Population::Disease Control & Prevention
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Access of Poor to Social Services
okr.topicPoverty Reduction::Inequality
okr.topicSocial Protections and Labor::Employment and Unemployment
okr.unitMacroeconomics, Trade and Investment Global Practice
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