African economic recovery to vary across regions after Covid devastation
Continent’s expected recovery has not removed the growing threat of poverty
The Covid-19 pandemic had a devastating impact on many African economies, particularly those dependent on oil exports, tourism and resources. However, the continent’s GDP is expected to grow 3.4% in 2021 — after shrinking 2.1% in 2020 as a result of the pandemic — supported by a rebound in commodity prices and the resumption of tourism as pandemic-related restrictions are eased, according to the African Development Bank’s recently released African Economic Outlook 2021 report.
The report points out that the pandemic’s economic impact varied across countries. Similarly, the continent’s prospects for recovery vary across countries and regions. East Africa appears to be the most resilient region as a result of a smaller reliance on commodities and greater diversification. Southern Africa, on the other hand, is less resilient and was hardest hit by the biggest economic contraction as a result of the pandemic...