The World Bank Group admonishes sub-Sahara African countries to prioritise policies that will guarantee inclusive jobs creation on the continent.
Focusing on the paths to recovery for the continent, the Bank projected African economy will enter into a recession for the first time in 25 years. Reversing this, however, will require policies that prioritise firstly, sustained growth and secondly, inclusive jobs creation.
The Bank disclosed this in a report titled Africa’s Pulse: Charting the road to recovery.
“Steady recovery in Sub-Saharan Africa after the COVID-19 pandemic requires policies that foster sustained growth and build resilience, but growth alone is not enough,” said Albert Zeufack, World Bank Chief Economist for the Africa regions.
“African countries need to prioritize now policies and investments to create more better and inclusive jobs: that’s the key to sustained, inclusive and resilient growth.”
Also, the Pulse notes that while the health consequences of the COVID-19 pandemic have been less devastating than expected. However, the combination of domestic lockdowns and related spillovers from the global recession significantly impacted economic activity. In Nigeria and South Africa, the region’s two largest economies growth declines were particularly pronounced. Consequently, sharp drops by 6.1 percent and 17.1 percent year-on-year, in Nigeria and South Africa respectively.
Still, on the economic outlook for the region, the Pulse concludes that in 2021 growth will rebound. However, the growth will vary across countries.
Pointedly, the report predicted Nigeria’s recovery as a weak for 2021 one. However, the Western and Central Africa region is expected to experience an average growth of 1.4 percent.