Following the onset of the Covid-19 pandemic, Africa experienced its worst recession in half a century in 2020. GDP contracted 2.1 percent, in contrast to the 4 percent growth rate that had been projected before the crisis. This year, Africa’s economic growth is forecast to recover to 3.4 percent, and, in the medium term, higher still. However, recovery remains conditional on equitable access to Covid-19 therapeutics and vaccines, a continued rise in commodity prices, and a sustainable resolution to Africa’s growing debt burden.
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Author: The African Development Bank