Analysts at the United Nations Department of Economic and Social Affairs (UNDESA) on Thursday upgraded their growth estimates for African economies, forecasting an expansion of 3.8% last year and an acceleration to 4% this year.
"Economic activity in Africa continues to recover from the unprecedented events of 2020, but at a fragile pace, with growth forecast to be marked by high uncertainty and exposure to repeated waves of covid-19 infection, as seen recently with the Ómicron variant," write UNDESA analysts quoted by Lusa.
According to the report released in Washington, which improves last year's growth forecast from 3.4% to 3.8%, UNDESA points out that pandemic mitigation measures, such as confinements and travel bans, were the main tools used by governments, but had a major impact on economic activity.
"Although most African economies are experiencing increased levels of output, supported by a more favorable global environment, the economic recovery has been more fragile than in other regions," reads the document, which stresses that the recovery is based on the gradual withdrawal of measures to contain the spread of the virus, increased vaccination rates, rising commodity prices, and improved levels of investment.
The African continent "had one of the slowest recoveries in 2021, lagging behind the average growth of developing economies and the world, respectively 6.4% and 5.5%," says UNDESA, which warns that "to return to the pre-pandemic growth trajectory, Africa would need to grow approximately 6% this year and next, i.e. faster than Asia."