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Africa's Pulse, No. 22, October 2020 : An Analysis of Issues Shaping Africa’s Economic Future

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collection.link.130
https://openknowledge.worldbank.org/handle/10986/5995
collection.link.273
https://openknowledge.worldbank.org/handle/10986/20236
collection.name.130
French PDFs Available
collection.name.273
Africa's Pulse
dc.contributor.author
Zeufack, Albert G.
dc.contributor.author
Calderon, Cesar
dc.contributor.author
Kambou, Gerard
dc.contributor.author
Kubota, Megumi
dc.contributor.author
Cantu Canales, Catalina
dc.contributor.author
Korman, Vijdan
dc.date.accessioned
2020-10-06T19:59:39Z
dc.date.available
2020-10-06T19:59:39Z
dc.date.issued
2020-10-07
dc.date.lastModified
2020-10-22T05:11:04Z
dc.description.abstract
COVID-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.
en
dc.identifier
https://documents.worldbank.org/en/publication/documents-reports/documentdetail/692551602223646754/full-report
dc.identifier.isbn
978-1-4648-1648-2
dc.identifier.uri
http://hdl.handle.net/10986/34587
dc.publisher
World Bank, Washington, DC
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC OUTLOOK
dc.subject
MACROECONOMIC POLICY
dc.subject
CORONAVIRUS
dc.subject
COVID-19
dc.subject
PANDEMIC IMPACT
dc.subject
FISCAL POLICY
dc.subject
INFRASTRUCTURE
dc.subject
METAL EXPORTS
dc.subject
OIL PRICES
dc.subject
PUBLIC DEBT
dc.subject
RECOVERY MEASURES
dc.subject
PANDEMIC RESPONSE
dc.subject
TRADE IMPACT
dc.subject
WELFARE IMPACT
dc.title
Africa's Pulse, No. 22, October 2020
en
dc.title.subtitle
An Analysis of Issues Shaping Africa’s Economic Future
en
dc.type
Serial
en
okr.date.disclosure
2020-10-07
okr.doctype
Publications & Research
okr.doctype
Publications & Research :: Publication
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-1-4648-1648-2
okr.identifier.report
153598
okr.language.supported
en
okr.region.administrative
Africa
okr.region.geographical
Sub-Saharan Africa
okr.topic
International Economics and Trade :: Export Competitiveness
okr.topic
International Economics and Trade :: International Trade and Trade Rules
okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
okr.topic
Macroeconomics and Economic Growth :: Commodities
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.unit
AFRCE

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