By George Obulutsa

NAIROBI, Reuters – Sub-Saharan Africa’s economy will grow by 3.3% and 3.5% this year, according to a World Bank report. This is due to rising commodity prices and the lifting of anti-coronavirus restraints.

According to the report, sub-Saharan economic growth will rise to 3.8% between 2023 and 2023.

As elsewhere in the world, sub Saharan Africa placed travel restrictions during the first quarter 2013 to slow the spread COVID-19. It also throttled key economic activities such as tourism, transport, and trade.

According to the World Bank, growth may be greater at 5.1% 2022 or 5.4% one year later depending upon how quickly COVID-19 vaccines are rolled out. A slower inoculation rate could reduce growth projections.

According to the Africa Pulse report, “Slower vaccination delivery and coverage will impede relaxation of COVID-19 disturbances in economic activity” and would cause growth to slow to 2.4% by 2023.

Africa’s Pulse reported in April that it forecast growth between 2.3% and 3.4% for this year after an expected contraction of 2.0% in 2020.

Many developed countries have seen their doors reopen slowly due to vaccination campaigns. However, inoculations for Africa remain slow. The threat of Delta, a variant of coronavirus that is still threatening African states, could lead to them being locked in on-off lockdowns.

A Reuters report showed that Africa had recorded 8.45 Million COVID-19 infected and 212,000 deaths as of Wednesday.

WHO Africa reported that only 2% of all 52 African countries which had received COVID-19 vaccinations were fully vaccinated as of September 30, 2012.

According to the World Bank, South Africa’s economies are expected to emerge from recession in 2019, according to Angola and Nigeria.

The report showed that oil-producing Angola saw 0.4% growth in 2021 after five years of recession.

Nigeria was forecast to see 2.4% growth, driven by services. South Africa, the largest industrialized country in Africa, was predicted to experience 4.6% growth due to better performances in agriculture, services and industry.

The bank stated that non-resource-rich nations were also expected to recover, with Ivory Coast expected to see an increase of 6.2% and Kenya seeing growth of 5.0%.

According to the report, sub-Saharan Africa saw a rise in public debt due to the pandemic. The average regional general government gross debt is projected at 71% gross domestic product by 2021. This was up 30 percent since 2013.

World Bank reported that there has been an increase in commercial funding partly due to the recent rise of Eurobond issuances. This increased exposure has led to higher interest rate, currency, and rollover risk for sub-Saharan African states.

Other challenges facing the region’s economy outlook include rising inflation, and climate change. Although sub-Saharan Africa was the lowest contributor to carbon dioxide emissions in the world, climate change has made it one of the most difficult-hit regions.