African economy expected to grow at low pace in 2021

According to the latest UNCTAD Trade and Development report (2021), released on 15 September 2021, the estimated level of growth of the African continent is expected to reach only 3.2 per cent in 2021, while in 2020 it was 2.9 per cent.

Several countries, including Zimbabwe, South Sudan, Angola, Libya, Zambia, Nigeria, and Ethiopia, have faced in the last year a double-digit inflation, or even triple-digit in the case of Sudan, which compromised their economic growth.

Food prices have increased considerably, rising food insecurity, especially in commodity-importing developing countries and creating tensions, particularly in Central and West Africa.

The slow growth rate of African economy will be particularly critical for several large sub-Saharan African economies such as Angola, Nigeria, and South Africa that already since the middle of the last decade have been stuck in low growth trajectories.