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THE DIASPORA M AGAZIN E The Positive Voice of Afr ica
October 06, 2021
AFRICA?S ECONOMIC OUTLOOK IN A POST-PANDEMIC WORLD INSUCURITYCHALLANGESMAYLIMITTHEPACEOFRECOVERYINAFRICA program. As the vaccination program progresses across the continent, private sector development has resumed activity and is tipped to be among the strongest driving forces of Africa?s economic recovery. Recently, the African economy has been championed by private sector investments, thus introducing a new growth model that is more sustainable and equitable. Private sector investments into the technology industries have inspired immense growth, especially in Tunisia and Nigeria.
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Economic activity in Africa was constrained in 2020 by an unprecedented global pandemic caused by COVID?19. Prior to the pandemic, Africa had a promising economy championed by certain countries on the continent. This positioned Africa as one of the fastest-growing economies in the world. Examining the current situation, Serge Ekue, the president of West African Development Bank says some African countries have begun to see a brisk recovery. Growth of about 2% is speculated for Nigeria and 4-5% for Senegal. The growth in terms of macro recovery is dependent on various factors, the most notable being the vaccination
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In as much as these sectors are important to Africa?s economic recovery, there exist some factors in Africa?s socio-political space that may limit the pace of recovery.
In Nigeria, for instance, social unrest and insecurity are of great concern. In East Africa, there is the Tigray crisis where residents in the region now face mass starvation. There is a view that the crisis reflects an economy that has been hit hard. These issues might have some setbacks on the progress of the continent. However, African governments are striving to ensure that these challenges are resolved because it influences the performance of the economy and has a profound impact on the people. If these regions must achieve better economic growth, efforts should be made to find lasting solutions and imbed profitable economic measures.
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