The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Growth is expected to slow down to 2.1% in 2022 and to 1.5% in 2023. More than half of South Africa's population lives in poverty, with an unemployment rate of 32%. South Africa’s stability and economic growth has acted as a magnet for refugees and asylum seekers from nearby countries, despite the prevalence of discrimination and xenophobic violence. 2020 in this case). South Africa fell five places in the World Economic Forum’s Global Competitiveness Report 2018, to 67th out of 140 economies. “South Africa’s real GDP is expected to rebound from an estimated 7 percent contraction in 2020 to growth of 3 percent in 2021, slightly up from 2.6 percent in the October forecast,” it said. In this Update, we project economic growth to rebound to 4.0% in 2021. South Africa. However, GDP growth will still be strong in 2021 driven by exports and household consumption. This topic is particularly important for It also forecast that the country’s GDP growth will be at 5.1% and 6.2% in 2021-22 and 2022-23 FYs respectively. The restrictions on human movement and ... IHS Markit, Quantec, BankservAfrica, Naamsa, SARB, StatsSA Notes: Updated 11 February 2021 Strategy& | South Africa’s economic outlook 6. Sub-Saharan Africa is set to emerge from the 2020 recession sparked by the COVID-19 pandemic with growth expected to expand by 3.3 percent in 2021, one percent higher than the April 2021 forecast. The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e. The GDP value of South Africa represents 0.27 percent of the world economy. Knoema, an Eldridge business, is the premier data platform and the most comprehensive source of global decision-making data in the world. By contrast, the forecast for advanced economies is … However, in its East Africa Economic Outlook 2021 report, the AfDB estimates that Tanzania’s GDP will grow by 2.8% in 2021, and projecting a strong rebound for 2022 and 2023 with 4.9% and 6.3% economic growth respectively. ... sub-Saharan Africa’s economy may expand by only 1.2% in 2021 and 2.1% in 2022. China's economic growth has been steep since the 1990s, while India and Indonesia have even more recent For the third year in a row, China was the world's largest economy in 2019. World Bank, Washington, DC. An outlook of the economy in South Africa for 2021. Document Name. Photographer: Andrew Harrer/Bloomberg via Getty Images. The March 2021 global poverty update from the World Bank revises the previously published global and regional estimates from 1981 to 2017. The 12th South Africa Economic Update was produced by a World Bank team comprising Marek Hanusch, Victor Sulla, Precious Zikhali, Vincent Dadam, Nomsa Mkhize, Kobina Daniel, Rudibert Steinbach, Alain Ntumba Kabundi, Ayanda Mokgolo, Yoko Nagashima, Jamil Salmi, Servaas van der Berg, Reynold Duncan, Phemelo Kekana, Paolo Belli, Gert van Tapping into a broad range of perspectives strengthens the outcomes and accountability of our engagement and helps build enduring partnerships. The economy is projected to grow by 4.1% in 2021 and 4.4% in 2022, owing to mining and construction associated with the second phase of Lesotho Highlands Water Project. The repository contains official documents and reports which are made available to the public in accordance with the Bank’s Access to Information Policy to better share the institution's knowledge base. admin July 23, 2021. 12/7/2021 12:11:00 PM. 24 San Francisco and No. The World Poverty Clock provides real-time estimates until 2030 for almost every country in the world. South Africa’s electricity constraint will curb growth in 2021, after shaving around 1 percentage point off growth in each of the last 2 years. As reassuring as this turnaround is, economic activity … South Africa’s weak recovery is putting pressure on public finance. The latest Nigeria development update report, Resilience through Reforms, says that Nigeria exited its deepest recession in four decades as COVID-19 restrictions were eased. The global economy is projected to grow 5.9 percent in 2021 and 4.9 percent in 2022, 0.1 percentage point lower for 2021 than in the July forecast. This is one percent higher than the April 2021 forecast according to the latest edition of Africa’s Pulse. The revision reflects better-thananticipated second quarter GDP outturns, mostly in advanced economies, where activity began to improve sooner than expected after lockdowns were scaled back in May and … The Fund projects a GDP growth for Tanzania of +4.0% and +5.1% in 2021 and 2022, and 6.0% in 2026. Sub-Saharan Africa’s economy is expected to expand by 3.3 percent in 2021 after a contraction of 2 percent in 2020, the World Bank said on Wednesday. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. Middle East and North Africa Region Gulf Economic Update Seizing the Opportunity for a Sustainable Recovery ... at the World Bank Group. After recording one of its deepest contractions (–6.4%) 1 in 2020, South Africa’s real GDP growth bounced back to 4.9% in 2021 2 —driven primarily by a combination of base effects, strong commodity prices, and the gradual reopening of the economy after strict COVID-19 regulations and mobility restrictions. The World Bank Global Economic Prospects Report shows that the global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years. This sixth edition of the South Africa Economic Update focuses on the role of fis-cal policy in addressing the twin challenges of poverty and inequality in South Africa. Sub-Saharan Africa The World Bank added that Nigeria’s economy was estimated to have contracted 4.1% in 2020, as the effects of the pandemic impacted economic activities in all sectors, even across the region. Authors The economy summary series delves into legal reforms that advance women’s economic empowerment. In 2021, the region’s economy is expected to resume expansion at 3.4 percent, weaker than the 6 percent for the rest of the … Water Challenges. Our revolutionary technology changes the way individuals and organizations discover, visualize, model, and present their data and the world's data to facilitate better decisions and better outcomes. A series of new World Bank reports - including the latest Chad country economic update, the 2021 poverty assessment, and the gender economics report - provide a 360 view on the latest development trends in the country. Economic Forecast Summary (December 2021) Growth is projected to rebound to 5.2% in 2021 before slowing to 1.9% in 2022 and 1.6% in 2023. Growth of about 2.1% could follow in 2021 and 3.2% in 2022, the bank said. Second, the SLDU Show full item record. According to analysis in the Pulse, the World Bank’s twice-yearly economic update for the region, the economic recovery will be fueled by elevated … Based on rising population, economic growth projections, and current efficiency levels, demand for water is expected to rise by 17.7 billion m³, while water supply is projected to amount to 15 billion m³, representing a 17% gap between water supply and demand by 2030. The Documents & Reports (D&R) site is an official disclosure mechanism for the World Bank Group’s final reports. Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by the World Bank and should not be considered an official World Bank translation. Established in 2013, the Youth Summit is an annual event hosted by the World Bank Group (WBG) to engage with youth globally on the most pressing topics facing our generation.The WBG Youth Summit is an affiliate of the Youth-to-Youth (Y2Y) network, the largest volunteer organization at the WBG, which aims to inspire and empower youth within and outside the … The World Bank has called for rapid COVID-19 action, including a faster vaccination process, to limit the damage to global growth in 2021. Start of the 17th edition of the World Bank Group’s Rwanda Economic Update. These charts highlight some of the main challenges and opportunities for reforms to promote a resilient and inclusive recovery. Former South African president Jacob Zuma was charged with corruption in … GDP growth is projected to be 3.5 percent in 2011, 4.1 percent in 2012 and 4.4 percent in 2013. “World Bank. Growth is expected to reach 4 percent in 2021, slowing to 2.1 percent in 2022 and 1.5 … After recording one of its deepest contractions (–6.4%) 1 in 2020, South Africa’s real GDP growth bounced back to 4.9% in 2021 2 —driven primarily by a combination of base effects, strong commodity prices, and the gradual reopening of the economy after strict COVID-19 regulations and mobility restrictions. “South Africa’s real GDP is expected to rebound from an estimated 7 percent contraction in 2020 to growth of 3 percent in 2021, slightly up from 2.6 percent in the October forecast,” it said. “Growth is projected to moderate to 1.9 percent in 2022, as pre-existing structural constraints, such as electricity shortages, persist.” 2017. About the Collection. Global growth is projected at −4.4 percent in 2020, a less severe contraction than forecast in the June 2020 World Economic Outlook (WEO) Update. “In South Africa, where economic activity was on weak footing before COVID-19, output is estimated to have fallen 7.8% last year. According to the World Bank, income inequality has increased since 1994 in South Africa, rendering it one of the most unequal countries in the world.. Jacob Zuma's legal battle. The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022.The 2021 global forecast is unchanged from the April 2021 WEO, but with offsetting revisions. Refugees have included an estimated 350,000 Mozambicans during its 1980s civil war and, more recently, several thousand Somalis, Congolese, and Ethiopians. ... “World Bank. “Angola is expected to grow by 0.4 percent in 2021, after five consecutive years of recession. A strict pandemic lockdown sharply reduced workplace activity and cost South Africa 1.3m jobs Figure 1: Daily lockdown indicators 0 0 0 20 0 20 0 0 0 00 0 an 20 0 eb 20 0 Mar 20 0 or 20 0 May 20 0 un 20 0 ul 20 0 ug 20 0 ep 20 0 ct 20 0 ov 20 0 Dec 20 World Bank Philippines Economic Update December 2021. Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia. For 2021, the World Bank projects a gross domestic product (GDP) growth of 4%, followed by 2.1% in 2022 and 1.5% in 2023. The 2021 edition of the African Economic Outlook focuses on debt resolution, governance, and growth in Africa. The report shows how the projected growth could be attained by creating a virtuous … 2013. For the first time ever, public debt is now almost 80% of GDP and under the current trajectory debt levels will not stabilize before 2026. Countries from The World Bank: Data. World Bank releases Nigeria economic update report. Chapter 2 explores the causes and … Previously, he was Minister of Finance and Economic Planning since February 2013. South Africa Economic Update, January 2017 : Private ... Loayza, Norman V. (2021-03) Is there a trade-off between raising growth and reducing inequality and poverty? This issue of the report was prepared by Sahar Sajjad Hussain (Senior Economist, EMNMT) and Khaled Alhmoud (Senior ... projected to outperform the oil economy in 2021. However, many emerging market and developing economies continue to struggle with the COVID-19 pandemic and its aftermath, the World Bank says in its June 2021 Global Economic Prospects. Second, the SLDU The downward revision for 2021 reflects a downgrade for advanced economies—in part due to supply disruptions—and for low-income developing countries, largely due to worsening pandemic dynamics. First, it reports on key de-velopments over the past 12 months in Sri Lanka’s economy, places these in a longer term and global context, and updates the outlook for Sri Lanka’s economy. Reading Time: 3 minutes Taking advantage of its growing working-age population could help accelerate South Africa’s growth to 5.4 percent a year and double per capita incomes by 2030, according to the South Africa Economic Update released by the World Bank earlier this week.. After recording one of its deepest contractions (–6.4%) 1 in 2020, South Africa’s real GDP growth bounced back to 4.9% in 2021 2 —driven primarily by a combination of base effects, strong commodity prices, and the gradual reopening of the economy after strict COVID-19 regulations and mobility restrictions. License: Creative Commons Attribution CC BY 3.0 IGO. The global re- covery is helping South Africa, especially given strong performance by China and the United States—two of … However, medium-term prospects for higher and more inclusive growth remain constrained. A peace dividend and the projected rebound in oil production and exports will support partial economic recovery, with real GDP expected to grow by 0.1% in 2021 and 2.5% in 2022. strictest 25% of countries in the world. Each summary draws on Women, Business and the Law data from 1970 to 2020 and input from civil society organizations. The long term potential growth rate under the current policy environment is estimated at 3.5 percent. Social protests in July halted a relatively strong rebound in activity. Near-term outlook. The economic recovery regained momentum at the tail end of 2021, with GDP expanding 1.2% in seasonally-adjusted quarter-on-quarter terms in Q4, rebounding from the 1.7% decline recorded in the previous quarter. ... World Bank (2021-11) Over the years, the demand for seamless and inexpensive cross-border payments has grown in parallel with growth in international e-commerce, remittances and tourism. The rebound was largely driven by a strong recovery in exports during the first half of this year, as activity in … However, there is considerable uncertainty around this forecast. Regional Economic Outlook for Sub-Saharan Africa, April 2021 April 15, 2021 Description: Despite turning out better than expected, growth in 2020 is estimated to be the worst on record, at –1.9 percent, leading to a large increase in poverty. According to World Bank Group projections, the prevalence of extreme poverty has increased since the Ebola epidemic in 2014 and is estimated at 51.0 percent in 2020 (up from 38.6 percent in 2014). A surprisingly strong rebound in the first half of this year boosted economic activity in emerging market and developing countries in the Europe and Central Asia region, with the regional economy now projected to expand by a better-than-expected 5.5 percent in 2021. The labor market was marked by high levels of unemployment and inactivity even before the crisis; these have been exacerbated by the … Document Date. Outlook and risks. YouTube. Sri Lanka Development Update 2021 3 Preface T he Sri Lanka Development Update (SLDU) has two main aims. 12/7/2021 12:11:00 PM. March 8, 2022. About Consultations. For 2021, the World Bank projects growth in the gross domestic product (GDP) of 4 percent, followed by 2.1 percent in 2022 and 1.5 percent in 2023. The World Bank has cut its economic growth forecast for South Africa for 2019, through to 2021, citing low investor sentiment, and persisting policy uncertainty. Growth in South Africa is now expected at 0.8% in 2019 (0.5 percentage point lower than the April forecast), the same as in 2018, the bank said in its October Africa’s Pulse report. South Africa's medium-term growth prospects point to a strengthening recovery. The World Bank has cut its economic growth forecast for South Africa for 2019, through to 2021, citing low investor sentiment, and persisting policy uncertainty. It provides an analysis based on the innova-tive use of fiscal and household survey data to answer two main questions: How do taxes and spending in South Africa redistribute The Gross Domestic Product (GDP) in South Africa was worth 301.92 billion US dollars in 2020, according to official data from the World Bank. It also identifies gaps that persist before men and women achieve equality before the law. World Bank's South Asia … The 13th edition of the South Africa Economic Update (SAEU), launched in July 2021, with a special focus on the COVID-19 impact on South Africa, particularly the job market, where it has exposed severe structural weaknesses. In its latest Global Economic Prospects report, the World Bank predicts South Africa’s growth will rebound to 3.3 percent in 2021 — 0.7 percentage point below previous forecasts — before softening to a near potential pace of 1.7 percent in 2022. Staff Writer 9 October 2019. The global economy is projected to grow 5.9 percent in 2021 and 4.9 percent in 2022, 0.1 percentage point lower for 2021 than in the July forecast. World Bank, 2021; United Nations, 2019 Minerals Council South Africa, 2021; Presidential Climate Commission, 2021; DFFE, 2021a; Creamer, 2020; Life After Coal, 2020; Smith, 2021 Institute for Health Metrics and Evaluation, 2020 This source differs from the source used in last year’s profiles and, therefore, the data are not comparable. The SA economy is expected to grow by 3.3% in 2021, according to the World Bank. The World Bank has forecast the SA economy to recover with growth of 3.3%, compared to a steep contraction of 7.8% estimated for 2020. The bank on Tuesday issued its January 2021 Global Economic Prospects report, in which it provides its economic outlook for the year. For more, see regional overview. 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