The African Development Bank (AfDB) predicted in a report that thirteen economies in East Africa will grow and expand by 4.1% in 2021. The Bank’s estimates for 2020 were at 0.4%, supported by a global recovery.
“East Africa is the only region on the continent to have avoided a recession in 2020, thanks to agriculture, sustained public spending on large infrastructure projects and increased regional economic integration,” the report read.
The bank took a look at 13 economies, including:
“The slow roll out of Covid-19 vaccines and risks of spikes in infections could dampen that outlook, according to the study. The coronavirus pandemic could hold back progress on reducing poverty in the region, after 12.3 million people – or 3.4% of the 2019 population – slid into extreme poverty,” it added.
“The pandemic has had sharper impacts on the poor, with the number of people falling below the poverty line projected to increase. Covid-related shocks have increased poverty in the region, with the share of people living in extreme poverty rising to 35% in 2021, or 134.3 million human beings.”