Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa
Author | : Mrs.Paola Ganum |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2021-02-19 |
Genre | : Business & Economics |
ISBN | : 1513570048 |
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Covid-19 has exacerbated economic and social vulnerabilities across Sub-Saharan Africa (SSA). There is a risk that growth could be lower for longer, with a setback to development. Post-pandemic reforms thus become even more important, especially with constrained scope for fiscal and monetary stimuli. Reforms could boost per capita growth by an additional 0.3-1.3 percentage points, relative to the 1.9 percent average since 2010. Such growth would reduce per capita income doubling time from 37 years to about 22 years. Low-income countries stand to gain the most from reforms. The largest gains come from governance, products markets, and factor accumulation. Importantly, these reforms can be implemented in the post-pandemic environment characterized by weaker social and distributional outcomes.