{"id":565611,"date":"2021-04-19T13:59:04","date_gmt":"2021-04-19T13:59:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/slow-vaccine-rollout-in-sub-saharan-africa-threatens-to-plunge-region-into-further-poverty\/"},"modified":"2021-04-19T13:59:04","modified_gmt":"2021-04-19T13:59:04","slug":"slow-vaccine-rollout-in-sub-saharan-africa-threatens-to-plunge-region-into-further-poverty","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/slow-vaccine-rollout-in-sub-saharan-africa-threatens-to-plunge-region-into-further-poverty\/","title":{"rendered":"Slow vaccine rollout in Sub Saharan Africa threatens to plunge region into further poverty"},"content":{"rendered":"

<\/a> Sub Saharan Africa\u2019s economic recovery could lag behind the rest of the world<\/strong> as vaccine shortages and policy restrictions continue to hamper its growth, according to the International Monetary Fund\u2019s Regional Economic Outlook report (pdf)<\/a>, released last week. Despite seeing its economy do better than expected in 2020 \u2014 contracting by 1.9% instead of the 3% predicted in the IMF\u2019s previous report in October \u2014 it is estimated that Sub Saharan Africa will still be the world\u2019s slowest growing region in 2021. The region is expected to grow at a 3.4% clip \u2014 supported by increased exports and recovering consumption \u2014 compared to the average of 6% expected in the rest of the world, where vaccines are more readily available.<\/p>\n

Vaccine availability will be key in ensuring an economic bounceback: <\/strong>Few countries in the region are expected to achieve the widespread availability of vaccines before 2023, with supply and distribution issues set to leave more countries in the region exposed to the emergence of new strains of the disease. However, \u201can accelerated vaccine rollout \u2014 or a swift, cooperative, and equitable global distribution \u2014 could boost the region\u2019s near-term prospects,\u201d the report concludes.<\/p>\n

And so will structural reforms and increased health spending:<\/strong> Local health systems and containment efforts will require additional spending, as will the logistical capabilities to ensure a successful vaccine rollout. Governments will also need to enact reforms in the areas of \u201crevenue mobilization, digitalization, trade integration, competition, transparency and governance, and climate-change mitigation,\u201d the report suggests.<\/p>\n

\u2026 As well as debt management: <\/strong>The decision to extend<\/a> the G20\u2019s Debt Service Suspension Initiative<\/a> to the end of the year earlier this month will allow more countries to channel resources toward the covid-19 crisis rather than debt repayments, and has already provided USD 4.8 bn in potential savings to participating countries this year. But G20 member states have said this will be the initiative\u2019s second and final extension, meaning that highly indebted countries in Sub Saharan Africa \u2014 such as the Democratic Republic of Congo, Mozambique, and Somalia \u2014 may face further pressure on their balance sheets come the new year. Thirty eight out of the 73 countries eligible for debt deferral<\/a> under the initiative are from Sub Saharan Africa.<\/p>\n

But it will be a long road to recovery: <\/strong>Output may not return to pre-pandemic levels till at least 2023, in some cases 2025, for countries in the region, with the report estimating that output losses from the pandemic will amount to almost 12% over 2020-2021. Though average debt levels are forecast to ease slightly to 56% of GDP in 2021, Sub Saharan African economies have retracted at a remarkable rate. South Africa saw its GDP drop by 7% last year, while tourism dependent countries such as Cape Verde, Mauritius and the Seychelles saw their economies shrink by a whopping 14-16% in 2020. \u201cGoing forward, the general challenge for<\/p>\n

policymakers will be to create more fiscal space, through domestic revenue mobilization, prioritization and efficiency gains on spending, or perhaps debt management,\u201d the report said.<\/p>\n

And will need to largely be financed by private investments: <\/strong>Though a potential new USD 650 bn in Special Drawing Rights<\/a> to be considered by the IMF in June would allocate USD 23 bn to Sub Saharan Africa, this falls far short of the estimated USD 425 bn needed to finance the region\u2019s recovery through 2025. And though the report suggests authorities may be able to \u201ccreate space for more spending by improving public investment efficiency and the quality of public procurement,\u201d it also predicts that official resources may not be sufficient, and that nations may need to step up their efforts to rapidly improve the business climate in order to attract foreign and private investment. These suggested measures, which include reducing red tape and upping financial inclusion, \u201care now more urgent than ever.\u201d<\/p>\n

Getting a grip on covid in Sub Saharan Africa is more than just a region-specific issue:<\/strong><\/p>\n

\u201cFor the international community, ensuring vaccine coverage for sub-Saharan Africa is not simply an issue of local livelihoods and local growth. Broad regional coverage is also a global public good,\u201d reads the report. More funding for the WHO\u2019s Covax program, fewer restrictions on the export of medical supplies, as well as the speedy redistribution of western countries\u2019 unused doses are recommended by the IMF to ensure an equitable global recovery that does not leave Sub Saharan Africa behind.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sub Saharan Africa\u2019s economic recovery could lag behind the rest of the world as vaccine shortages and policy restrictions continue to hamper its growth, according to the International Monetary Fund\u2019s Regional Economic Outlook report (pdf), released last week. Despite seeing its economy do better than expected in 2020 \u2014 contracting by 1.9% instead of the […]<\/p>\n","protected":false},"author":1,"featured_media":565612,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[425,107,7106,104,633,272,4227,1510,113],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-covax","tag-covid-19","tag-debt","tag-economy","tag-enterprisepm","tag-imf","tag-sub-saharan-africa","tag-the-macro-picture","tag-vaccines","wpautop","entry"],"acf":{"mongo_id":"c7f8feca-d79e-4a28-8472-98ea220ed4c1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/462.jpg","photo_position":"above","related_issue":[565599],"teaser":"","voice_url":""},"yoast_head":"\nSlow vaccine rollout in Sub Saharan Africa threatens to plunge region into further poverty - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/slow-vaccine-rollout-in-sub-saharan-africa-threatens-to-plunge-region-into-further-poverty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slow vaccine rollout in Sub Saharan Africa threatens to plunge region into further poverty\" \/>\n<meta property=\"og:description\" content=\"Sub Saharan Africa\u2019s economic recovery could lag behind the rest of the world as vaccine shortages and policy restrictions continue to hamper its growth, according to the International Monetary Fund\u2019s Regional Economic Outlook report (pdf), released last week. 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The key to this growth, Arnold says, is doubling\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/205.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593667,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-construction-sector-set-to-see-annual-growth-of-11-3-between-2019-and-2023\/","url_meta":{"origin":565611,"position":2},"title":"Egypt\u2019s construction sector set to see annual growth of 11.3% between 2019 and 2023","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Construction in Egypt is set to expand by an average of 11.3% each year between 2019 and 2023, data and analytics company GlobalData predicts in its 3Q2019 Global Construction Outlook report. Construction is being driven by Cairo\u2019s urban development program, which could involve building 23 new cities, said economist Yasmine\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19\/","url_meta":{"origin":565611,"position":3},"title":"IMF waives USD 214 mn in debt to developing countries to repurpose funds for covid-19","author":"enterpriseam admin","date":"15 April 2020","format":false,"excerpt":"IMF relieves 25 developing nations from USD 214 mn in debt to repurpose funds for covid-19: The IMF has canceled debt payments for 25 of its most vulnerable sovereign debtors through grants from its catastrophe trust CCRT, the lender said in a statement. This allows the countries \u2014 which are\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573355,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles\/","url_meta":{"origin":565611,"position":4},"title":"Developing economies are threatened with distress as they struggle to pay down their growing debt piles","author":"enterpriseam admin","date":"29 July 2020","format":false,"excerpt":"Growing debt piles are becoming increasingly insurmountable for some developing economies as they struggle to find the resources to repay bns of USD borrowed from private investors over the past decade, the Wall Street Journal says. The pandemic has made matters worse, but these countries were already ill-prepared to both\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/244.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595085,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/16\/africa-leads-in-mobile-money-payments\/","url_meta":{"origin":565611,"position":5},"title":"Africa leads in mobile money payments","author":"enterpriseam admin","date":"16 September 2019","format":false,"excerpt":"Africa is a global leader in mobile money payments: The region has become the global leader in mobile money innovation, adoption, and usage in the last ten years, according to the IMF, with almost 10% of GDP in transactions generated through mobile payments, compared to 7% of GDP in Asia\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/2687.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=565611"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565611\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565612"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565611"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565611"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}