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Growth in Sub-Saharan Africa’s major economies will remain erratic in 2022, following a year of recovery from COVID-19 lockdowns, as life gradually returns to normal amid low vaccination rates, according to a Reuters poll released on Wednesday.
The rate of recovery, however, is mostly good, according to the poll, which was conducted from Oct. 19 to 26. Nigeria, Africa’s largest economy, is predicted to grow at 2.7 percent next year, up from 2.5 percent this year, following an almost 2% negative shock last year.
According to the poll, Kenya, the largest economy in East Africa, would grow by 5.3 percent next year, up from 5.1 percent this year. According to the International Monetary Fund, it probably shrank by 0.3 percent last year.
Ghana was anticipated to increase 5.1 percent next year, up from 4.2 percent this year. Zambia, like South Africa, was predicted to decline to 2.5 percent next year from 3.2 percent in 2021.
Despite economic recovery, Africa still needs to immunise a large portion of its 1.3 billion inhabitants, who have significantly less access to vaccines than more rich countries.
According to the World Health Organization, just approximately 8.4 percent of Africa’s population has received at least one dosage, compared to a global average of 48.7 percent.
South Africa is expected to grow at a 5% annual rate this year, but only at a 2.2 percent annual rate in 2022. Last year, it experienced one of the continent’s largest declines, estimated by the IMF to be 6.4 percent. [ECILT/ZA].
According to the IMF, Sub-Saharan Africa will increase by 3.7 percent in 2021 and 3.8 percent in 2022.
Story by : Norvisi Mawunyegah