Sub-Saharan Africa economic growth slows amid ongoing and new economic shocks – says World Bank – Welcome to the Sierra Leone Telegraph
Sierra Leone Telegraph: 18 April 2022:
As the Sub-Saharan Africa economy struggles to recover from the 2020 recession induced by the COVID-19 (coronavirus) pandemic, the region now faces new economic growth challenges, compounded by the Russian invasion of Ukraine, according to the World Bank.
The World Bank’s latest Africa’s Pulse, a biannual analysis of the near-term regional macroeconomic outlook, estimates growth at 3.6 percent in 2022, down from 4 percent in 2021 as the region continues to deal with new COVID-19 variants, global inflation, supply disruptions and climate shocks.
Adding to the region’s growth challenges are rising global commodity prices, which are increasing at a faster pace since the onset of the conflict between Russia and the Ukraine.
As top world exporters of food staples, Russia — the world’s largest exporter of fertilizers—and Ukraine account for a substantial share of wheat, corn and seed…