Browsing: African economy

• African governments saw a series decline in public revenues during the pandemic
• Unemployment has surged in Nigeria and South Africa due to the pandemic
• Some economies have emerged strong while others not so much

The African economy is doing its best to recover strongly from the shackles of the COVID-19 pandemic, which shaved off a substantial amount of growth from the continent’s $2.7 trillion GDP.  Economic recovery in Africa is tough but essential.

While Africa is working its way out of recession and extreme poverty, the region is facing multiple setbacks, such as civil conflicts and the recent Russian invasion of Ukraine, which has caused severe food security in several countries.

The pandemic forced most of the countries on the continent to significantly impose lockdowns that crippled financial operations—businesses, mobility, movement within and across national borders, and public gatherings (Relief Web). 

According to Relief Web a humanitarian information services platform,

• African economy has sustained significant impacts due to the pandemic
• Several sectors such as tourism and trade have been impacted significantly
• Despite the virus, Africa has demonstrated important issues towards handling pandemics

One of the most vibrant economies in the world, sub-Saharan Africa is slated to bounce back from the shocks of COVID-19 which left a number of economies shaken to the core and hundreds of lives lost.  

Despite the pandemic limiting several economic functions such as international travel—which marred tourism operations in East Africa, the region is expected to score growth of 3.3 per cent in 2021, according to a recent report by the World Bank. 

The October edition of Africa’s Pulse report explicitly noted that the resurgence of the economy is promoted by elevated commodity prices, a relaxation of stringent pandemic measures and recovery in global trade.  

Kenya, Tanzania, Rwanda and Uganda, are now working towards building