According to the report on trade and development published by my UNCTAD, the world GDP should increase by 5.3% in 2021. This is the highest rate since almost 50%. Africa is expected to grow by 3.2% this year and 2.9% in 2022.
A different upward trend
Economic recovery will be principal in rich countries, but developing countries are still suffering the devastating effects of VIC-19. According to the paper, « Recovery is, however, uneven across geographies, incomes and sectors. For Africa, most countries are recovering from the heavy blows of the health crisis. As a result, the continent will lag behind global growth in 2021.
Africa expects uneven economic growth. According to UNCTAD, sub-Saharan Africa will see a slight increase in GDP of 2.5% in 2021 compared to -1.5% in 2020 and +2.9% in 2022. As for North Africa, the party is positioned at the forefront of economic growth in the entire continent. The GDP is up by 3.2% for this year after a recession of -3.6% the previous year. For the year 2022, the area is expected to slow down to a growth rate of 2.9%. GDP for the southern African region is estimated to grow by 4% in 2021 and 2.3% in 2022.
Ny Fenitra S.M
Photo Credit: unctad.org