Standard Bank’s Ballim on how vaccine nationalism is weighing on Africa’s recovery

Africa's recovery post the Covid-19 pandemic is facing challenges due to the impact of vaccine nationalism on the continent's economic growth. Standard Bank Group Chief Economist, Gulam Ballim, shared his insights on how Africa is likely to navigate through these challenges and what the future holds for the region. According to Ballim, Africa is expected to lag behind the developed markets in terms of economic recovery due to the slow vaccine rollout, leading to a two-speed global recovery. While the rich world is projected to experience a notable economic upturn in the second half of 2021, Africa may continue to face economic challenges similar to 2020. The continent's performance is expected to vary, with oil-dependent and tourism-dependent economies likely to struggle compared to more resilient economies in East Africa. Ballim also highlighted key trends that are shaping Africa in the long term, including demographic factors, financial services, commodities, and technological advancements. He expressed optimism about Africa's growth potential in the years ahead, driven by these structural trends. However, he cautioned that while recent economic reforms in South Africa, such as those related to SAA and self-generation, may have a positive impact, more sustained and aggressive reforms are needed to ensure a robust economic recovery in the country. Overall, Ballim's outlook for Africa is one of cautious optimism, recognizing both the challenges and opportunities that lie ahead for the continent.