Report

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

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collection.link.85
https://openknowledge.worldbank.org/handle/10986/2193
collection.name.85
Economic Updates and Modeling
dc.contributor.author
World Bank
dc.date.accessioned
2021-06-21T18:52:58Z
dc.date.available
2021-06-21T18:52:58Z
dc.date.issued
2021-06-16
dc.date.lastModified
2021-08-06T05:10:43Z
dc.description.abstract
The 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.identifier
http://documents.worldbank.org/curated/en/977131623908125668/Sierra-Leone-2021-Economic-Update-Welfare-and-Poverty-Effects-of-the-COVID-19-Pandemic
dc.identifier.uri
http://hdl.handle.net/10986/35784
dc.language
English
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
FISCAL TRENDS
dc.subject
PUBLIC DEBT
dc.subject
EXTERNAL SECTOR
dc.subject
MONETARY POLICY
dc.subject
CORONAVIRUS
dc.subject
COVID-19
dc.subject
ECONOMIC OUTLOOK
dc.subject
POVERTY
dc.subject
WELFARE IMPACT
dc.subject
PANDEMIC IMPACT
dc.subject
EMPLOYMENT
dc.subject
ACCESS TO BASIC SERVICES
dc.title
Sierra Leone 2021 Economic Update
en
dc.title.subtitle
Welfare and Poverty Effects of the COVID-19 Pandemic
en
dc.type
Report
en
okr.date.disclosure
2021-06-17
okr.doctype
Economic & Sector Work
okr.doctype
Economic & Sector Work :: Economic Updates and Modeling
okr.docurl
http://documents.worldbank.org/curated/en/977131623908125668/Sierra-Leone-2021-Economic-Update-Welfare-and-Poverty-Effects-of-the-COVID-19-Pandemic
okr.googlescholar.linkpresent
yes
okr.guid
977131623908125668
okr.identifier.externaldocumentum
090224b0886f8101_1_0
okr.identifier.internaldocumentum
33181629
okr.identifier.report
160598
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/977131623908125668/pdf/Sierra-Leone-2021-Economic-Update-Welfare-and-Poverty-Effects-of-the-COVID-19-Pandemic.pdf
en
okr.region.administrative
Africa
okr.region.administrative
Africa Western and Central (AFW)
okr.region.country
Sierra Leone
okr.topic
Health, Nutrition and Population :: Disease Control & Prevention
okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Fiscal & Monetary Policy
okr.topic
Poverty Reduction :: Access of Poor to Social Services
okr.topic
Poverty Reduction :: Inequality
okr.topic
Social Protections and Labor :: Employment and Unemployment
okr.unit
Macroeconomics, Trade and Investment Global Practice

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