Globally, economies were negatively impacted by the advent of the COVID-19 pandemic, and African countries weren’t left out. A report by the World Bank tells African countries to bounce back from that impact by ramping up efforts and put in place structures that will support their economies and citizens.
The report entitled, ‘The Future of Work in Africa: Emerging Trends in Digital Technology Adoption,’ was shared on Wednesday.
It stated that the 2022 real Gross Domestic Growth (GDP) projection was 3.1 percent and that most countries on the continent would experience activity levels below the estimations pre-COVID-19.
African governments were also encouraged to invest in human capital that would help mitigate the risks from long-term damages presented by the pandemic.
It read in part, “Real GDP growth for 2022 is estimated at 3.1%. For most countries in the region, activity will remain well below the pre-COVID-19 projections at the end of 2021, increasing the risk of long-lasting damage from the pandemic on people’s living standards,” the report said.
“There is need for African countries to speed up their recovery by ramping up efforts to support their economies and people in the near term, especially women, youth and other vulnerable groups.
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“Investments in human capital will help lower the risk of long-lasting damage from the pandemic which may become apparent over the longer term and can enhance competitiveness and productivity.”
“The next twelve months will be a critical period for leveraging the African Continental Free Trade Area in order to deepen African countries’ integration into regional and global value chains.”
AfDB’s Projections
In July 2020, the Africa Development Bank (AfDB) projected, in its economic outlook report for Africa, a 3.9 percent growth in 2020 and a 4.1 percent growth for 2021.
The report, however, noted that the growth projection figures would only be realised if African governments flattened the curve of infection rates.
