NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Kristalina Georgieva and Abebe Aemro Selassie

Perhaps first among the many lessons of 2020 is that the notion of so‑called black swan events is not some remote worry. These purportedly once‑in‑a‑generation events are occurring with increasing frequency.

Take climate‑related shocks, especially in sub‑Saharan Africa. More than any other region, it is vulnerable to these events because of its heavy dependence on rain‑fed agriculture and its limited ability to adapt to shocks. Every year, the livelihoods of millions are threatened by climate‑induced disasters.

As we all continue to grapple with the COVID‑19 crisis, policymakers also need to look ahead. Countries need to ensure that the vast global fiscal support deployed to fight the pandemic also works to build a smarter, greener and more equitable future.

Nowhere is that more important than in sub‑Saharan Africa. It is where the needs are greatest and also home to the world’s youngest population, creating added urgency to act now to build forward better. Together, we need to chart a path to a more resilient recovery.

Photo courtesy of Megapixl.