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

By Ciku Kimeria

After the devastating economic effects of the covid-19 pandemic in Africa, the continent appeared to recover in 2021. Growth was 4.5%, up from the 3.7% projected by The International Monetary Fund (IMF.)

But this recovery may be short-lived. According to a new IMF report released yesterday (April 28), growth in 2022 will slow to 3.8%.

“With the pandemic, a few segments of society were able to insulate themselves from the [economic] effects,” Abebe Aemro Selassie, the director of the IMF’s African Department tells Quartz. He contrasts this with the war in Ukraine, whose effects—rising fuel and food prices, largely—will be experienced by everyone.

Photo courtesy of Kostiantyn Stupak.