East Africa's economic growth to rise to 4.1% in 2021: AfDB


Nairobi, Oct 29 (IANS): East Africa's economic growth is projected to rise to 4.1 per cent in 2021, up from 0.4 per cent in 2020, the African Development Bank (AfDB) said on Thursday.

According to the East Africa Regional Economic Outlook 2021, the economic performance will be boosted by the ongoing global economic recovery, Xinhua news agency reported.

"However, the slow rollout of Covid-19 vaccines and risk of spike in infections could dampen that outlook. The pandemic has had diverse impacts across the region, with countries highly dependent on tourism being the hardest hit," the bank said.

The report by the pan-African bank reviews the economic performance of countries, including Burundi, Ethiopia, Kenya, Rwanda, Sudan, Tanzania and Uganda.

The 2021 regional economic outlook analyzes economic growth, its drivers and implications for socio-economic outcomes, including poverty, employment, and income inequality, considering the impact of the Covid-19 crisis.

According to the report, the east Africa region remains resilient, and was the only region in Africa to avoid a recession in 2020.

The AfDB attributes east Africa's resilience last year amid Covid-19 pandemic to relatively higher economic diversification and the rapid policy responses initiated by governments to counter the impact of the pandemic.

The findings indicate that East Africa is expected to experience a stable economic recovery from 2021 up to the medium-term horizon.

The pan-African bank recommends a raft of policy interventions required to accelerate the region's recovery and build resilience in the wake of Covid-19, including ramping up vaccinations and designing and implementing economic stimulus packages and recovery strategies toward credible fiscal consolidation programs.

 

  

Top Stories


Leave a Comment

Title: East Africa's economic growth to rise to 4.1% in 2021: AfDB



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.