Wednesday, April 21, 2021
No Result
View All Result
  • Food recipe
  • Login
  • Register
Africanian
  • Africa
  • Politics
  • Business
  • Health
  • Sports
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • + More
    • Entertainment
    • Tech
    • Culture
    • Style
    • Travel
    • Science
Subscribe
Africanian
No Result
View All Result
Home Business

World Bank revises SA’s 2021 growth outlook from 2.6% to 3%

THE WORLD Bank yesterday revised South Africa’s 2021 growth outlook to 3 percent from 2.6 percent earlier, charging that the recovery would be driven by a rebound in global activity from the continued vaccination drive.

April 1, 2021
in Business
Reading Time: 2 mins read
0 0
0
World Bank revises SA’s 2021 growth outlook from 2.6% to 3%
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

The bank said in an Africa’s Pulse report that the recovery would also be driven by higher demand for local commodity exports but warned that the country still faced serious impediments to sustained growth.

The bank said restrictions imposed to curb a second wave of Covid-19, fiscal tightening, high unemployment, along with power cuts, would prevent a stronger recovery in gross domestic product (GDP).

“South Africa’s real GDP is expected to rebound from an estimated 7 percent contraction in 2020 to growth of 3 percent in 2021, slightly up from 2.6 percent in the October forecast,” it said.

“Growth is projected to moderate to 1.9 percent in 2022, as pre-existing structural constraints, such as electricity shortages, persist.”

High commodity prices are supportive of domestic growth as the JSE’s Resource 10 index rose to a 12-year high in January as oil, liquid natural gas, iron ore and copper surged to 9-year highs.

More

Africa’s business leaders given mandate to stand up and do good

Africa’s business leaders given mandate to stand up and do good

April 13, 2021
Investors commend Gov Ikpeazu for creating favourable business environment in Abia

Investors commend Gov Ikpeazu for creating favourable business environment in Abia

April 13, 2021

The World Bank’s forecast was, however, slightly less optimistic than the SA Reserve Bank and the National Treasury, both of which expect the economy to rebound by 3.3 percent and 3.8 percent this year, respectively.

The bank’s biannual economic analysis for sub-Saharan Africa showed that growth in the region was forecast to rise between 2.3 and 3.4 percent in 2021, depending on the policies adopted by countries and the international community.

World Bank chief economist for Africa Albert Zeufack said a second wave of Covid-19 infections was partly dragging down the 2021 growth projections.

“African countries have made tremendous investments over the last year to keep their economies afloat and protect the lives and livelihoods of their people,” Zeufack said.

“Ambitious reforms that support job creation, strengthen equitable growth, protect the vulnerable and contribute to environmental sustainability will be key to bolstering those efforts going forward toward a stronger recovery across the African continent.”

Meanwhile, the UN’s Economic Commission for Africa (ECA) yesterday also issued a consensus forecast for the continent.

ECA director for macroeconomics division Bartholomew Armah said Africa’s GDP was projected to expand by 3.4 percent in 2021 following a contraction of 3.4 percent in 2020.

The 2021 World Economic Situation & Prospects report underscored that African countries need strong policy actions and further support from the international community to sustain a resilient recovery.

Armah said African countries need to lay the groundwork for a strong and inclusive development path in the medium term.

“Forceful policy actions in the areas of technology adoption, climate resilience and domestic revenue mobilisation are crucial elements of a strong and inclusive development path Africa must take to ensure sustained economic recovery.”

Source: iol.co.za
Tags: breaking newseconomic outlookSouth Africa's economyWorld Bank
ShareTweetSend
africanian

africanian

  • Trending
  • Comments
  • Latest
Weather in Kenya: Climate, Seasons, and Average Temperature

Weather in Kenya: Climate, Seasons and Average Temperature

August 26, 2020
Dreams Talks: A conversation with Foster Kofi Sam - Founder & CVO | Africa Digital Festival | Digital Foundation Africa

Dreams Talks: A conversation with Foster Kofi Sam – Founder & CVO | Africa Digital Festival | Digital Foundation Africa

April 13, 2021
How to make Moroccan Avocado Smoothie Recipe

Moroccan Avocado Smoothie

April 1, 2020
Africa’s business leaders given mandate to stand up and do good

Africa’s business leaders given mandate to stand up and do good

April 13, 2021
South Africa News: KZN man kills fiancée and ex-girlfriend before committing suicide

South Africa News: KZN man kills fiancée and ex-girlfriend before committing suicide

April 13, 2021
Investors commend Gov Ikpeazu for creating favourable business environment in Abia

Investors commend Gov Ikpeazu for creating favourable business environment in Abia

April 13, 2021
Africanian

Copyright © 2020 Africanian.com.

  • Nigeria
  • Egypt

Follow Us

No Result
View All Result
  • Africa
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

Copyright © 2020 Africanian.com.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.