African Economies Likely To Rebound 3.4% This Year, AfDB Says

NAIROBI (Reuters) – African economies are expected to grow by an average of 3.4% this year, the African Development Bank said, as the continent recovers from its worst contraction in half a century.

The 54 economies shrank by 2.1% last year, the AfDB said in its 2021 economic outlook report, as the coronavirus crisis disrupted economic activity across the continent.

“The continent-wide projected recovery… does not remove the threat of increasing poverty,” the Abidjan-based AfDB said in the report, published on Friday.

An estimated 39 million Africans are likely to slip into extreme poverty as a result of the COVID-19 pandemic, the bank said, after 30 million were pushed into that bracket last year. Read more…


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