The global lender's chief economist for Africa, Albert Zeufack, has warned resource-dependent economies on the continent that an over-reliance on exports has led to growth - but no jobs. With rising unemployment, a policy shift is needed to place greater focus on employment creation. The experience of the past decade, when the continent witnessed exponential economic growth rates, but stagnant job markets, has brought this point to bear. Covid-19 has driven it home.
The predictions of yesteryear are fast becoming the realities of today. The World Bank, among other institutions, has long identified the fiscal and the structural problems reinforcing South Africa's status as one of the most unequal societies in the world.
Covid-19 has not only made these already visible cracks more apparent, but the outbreak of the virus has also highlighted the perils of inertia in administering much-needed changes - or "reforms" in World Bank parlance.
In the latest edition of the World Bank's Africa's Pulse, the institution's chief economist for the continent, Albert Zeufack, and his team look at how the region has fared since the onset of Covid-19. They prescribe a rethinking in order to effect a sustainable and inclusive recovery.
While the lengthy publication covers...