Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future

In 2021, Sub-Saharan Africa emerged from the recession, but its recovery is still timid and fragile. The region is projected to grow at a rate of 3.3 percent—a weaker pace of recovery than that of advanced and emerging market economies. In 2022–23, the region is projected to grow at rates below 4 pe...

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Main Authors:	Zeufack, Albert G., Calderon, Cesar, Kubota, Megumi, Korman, Vijdan, Cantu Canales, Catalina, Kabundi, Alain Ntumba
Format:	Serial
Published:	Washington, DC: World Bank 2021
Subjects:	ECONOMIC GROWTH ECONOMIC OUTLOOK MACROECONOMIC POLICY FISCAL POLICY PUBLIC DEBT OIL SECTOR TRADE CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE CLEAN ENERGY CARBON ECONOMY SMART INFRASTRUCTURE DEBT VULNERABILITY RECOVERY JOBS LAND POLICY AGRICULTURE CLIMATE CHANGE
Online Access:	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/786721633587328307/main-report http://hdl.handle.net/10986/36332

id	okr-10986-36332
recordtype	oai_dc
spelling	okr-10986-363322021-10-15T15:03:47Z Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future Zeufack, Albert G. Calderon, Cesar Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina Kabundi, Alain Ntumba ECONOMIC GROWTH ECONOMIC OUTLOOK MACROECONOMIC POLICY FISCAL POLICY PUBLIC DEBT OIL SECTOR TRADE CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE CLEAN ENERGY CARBON ECONOMY SMART INFRASTRUCTURE DEBT VULNERABILITY RECOVERY JOBS LAND POLICY AGRICULTURE CLIMATE CHANGE In 2021, Sub-Saharan Africa emerged from the recession, but its recovery is still timid and fragile. The region is projected to grow at a rate of 3.3 percent—a weaker pace of recovery than that of advanced and emerging market economies. In 2022–23, the region is projected to grow at rates below 4 percent; however, growth above 5 percent is attainable with rapid vaccine deployment in the region and thereby withdrawal of COVID-19 containment measures. In response to the pandemic, African countries are undertaking structural and economic reforms. Countries have been relatively disciplined on monetary and fiscal policies. However, limited fiscal space is handicapping African countries in injecting the fiscal resources required to launch a vigorous policy response to COVID-19.Accelerating the economic recovery in the region would require significant additional externalfinancing, in addition to rapid deployment of the vaccine. Africa’s unique conditions, such as low baseline development, preexisting climate vulnerabilities, low use of fossil fuel energy, and high reliance on climate-sensitive agriculture, pose additional challenges from climate change, but also provide opportunities to build and use greener technologies. Climate change should be considered by policymakers as a source of structural change. For instance, the energy access problem in the region can be solved by the adoption of renewable energy alongside expansion of the national grid. Policy makers need domestic and international financing to create new jobs—including green jobs. For example, in a region where much of the infrastructure, cities, and transportation systems are yet to be built, investments in climate-smart infrastructure can help cities create jobs. In resource-rich countries, wealth exposure to carbon risk can be reduced by fostering asset diversification that supports human and renewable natural capital accumulation. Financing climate change adaptation in Sub-Saharan Africa is essential, and policies to mobilize resources are critical to create more, better, and sustainable jobs. 2021-10-05T13:39:12Z 2021-10-05T13:39:12Z 2021-10-06 Serial https://documents.worldbank.org/en/publication/documents-reports/documentdetail/786721633587328307/main-report 978-1-4648-1805-9 http://hdl.handle.net/10986/36332 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research Publications & Research :: Publication Africa Africa Eastern and Southern (AFE) Africa Western and Central (AFW) Sub-Saharan Africa
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	ECONOMIC GROWTH ECONOMIC OUTLOOK MACROECONOMIC POLICY FISCAL POLICY PUBLIC DEBT OIL SECTOR TRADE CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE CLEAN ENERGY CARBON ECONOMY SMART INFRASTRUCTURE DEBT VULNERABILITY RECOVERY JOBS LAND POLICY AGRICULTURE CLIMATE CHANGE
spellingShingle	ECONOMIC GROWTH ECONOMIC OUTLOOK MACROECONOMIC POLICY FISCAL POLICY PUBLIC DEBT OIL SECTOR TRADE CORONAVIRUS COVID-19 PANDEMIC IMPACT PANDEMIC RESPONSE CLEAN ENERGY CARBON ECONOMY SMART INFRASTRUCTURE DEBT VULNERABILITY RECOVERY JOBS LAND POLICY AGRICULTURE CLIMATE CHANGE Zeufack, Albert G. Calderon, Cesar Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina Kabundi, Alain Ntumba Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future
geographic_facet	Africa Africa Eastern and Southern (AFE) Africa Western and Central (AFW) Sub-Saharan Africa
description	In 2021, Sub-Saharan Africa emerged from the recession, but its recovery is still timid and fragile. The region is projected to grow at a rate of 3.3 percent—a weaker pace of recovery than that of advanced and emerging market economies. In 2022–23, the region is projected to grow at rates below 4 percent; however, growth above 5 percent is attainable with rapid vaccine deployment in the region and thereby withdrawal of COVID-19 containment measures. In response to the pandemic, African countries are undertaking structural and economic reforms. Countries have been relatively disciplined on monetary and fiscal policies. However, limited fiscal space is handicapping African countries in injecting the fiscal resources required to launch a vigorous policy response to COVID-19.Accelerating the economic recovery in the region would require significant additional externalfinancing, in addition to rapid deployment of the vaccine. Africa’s unique conditions, such as low baseline development, preexisting climate vulnerabilities, low use of fossil fuel energy, and high reliance on climate-sensitive agriculture, pose additional challenges from climate change, but also provide opportunities to build and use greener technologies. Climate change should be considered by policymakers as a source of structural change. For instance, the energy access problem in the region can be solved by the adoption of renewable energy alongside expansion of the national grid. Policy makers need domestic and international financing to create new jobs—including green jobs. For example, in a region where much of the infrastructure, cities, and transportation systems are yet to be built, investments in climate-smart infrastructure can help cities create jobs. In resource-rich countries, wealth exposure to carbon risk can be reduced by fostering asset diversification that supports human and renewable natural capital accumulation. Financing climate change adaptation in Sub-Saharan Africa is essential, and policies to mobilize resources are critical to create more, better, and sustainable jobs.
format	Serial
author	Zeufack, Albert G. Calderon, Cesar Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina Kabundi, Alain Ntumba
author_facet	Zeufack, Albert G. Calderon, Cesar Kubota, Megumi Korman, Vijdan Cantu Canales, Catalina Kabundi, Alain Ntumba
author_sort	Zeufack, Albert G.
title	Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future
title_short	Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future
title_full	Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future
title_fullStr	Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future
title_full_unstemmed	Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future
title_sort	africa's pulse, no. 24, october 2021 : an analysis of issues shaping africa’s economic future
publisher	Washington, DC: World Bank
publishDate	2021
url	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/786721633587328307/main-report http://hdl.handle.net/10986/36332
_version_	1764485090301181952

Africa's Pulse, No. 24, October 2021 : An Analysis of Issues Shaping Africa’s Economic Future

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