Economy of Africa
Current conditions

Northern and Southern African countries have taken the most total measures to address the financial sector crisis resulting from the pandemic, with an average of 14 measures per country. 34 African nations have adopted steps to increase liquidity and lower borrowing costs, mostly through lowering the policy rate. South Africa, for example, has decreased policy rates by 200 basis points or more. The most used measure has been to modify the handling of nonperforming loans by lowering provisioning requirements. To help banks get through the COVID-19 crisis, authorities have limited dividends or other uses of earnings, permitted the temporary release of capital buffers, eased capital or liquidity requirements, or made other temporary adjustments to prudential standards. Despite the COVID-19 pandemic, African private investment was steady in 2020, rising to $4.3 billion from $3.9 billion in 2019 as pipeline and current transactions were closed. For resource-intensive nations, real per capita GDP is anticipated to stay below pre-pandemic levels until at least 2024, with growth of barely 1% per year in 2022 and
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