By VINCENT OWINO

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The multiple coups, conflicts, and protests witnessed in several countries across Africa in the recent past have stifled the continent’s economic growth over the last decade and continue to be an impediment to recovery, the World Bank has warned.

In their latest Africa’s Pulse report, the global lender says the decade to 2025 could be a lost one for Africa as no growth in Gross Domestic Product (GDP) per capita has been recorded since 2015.

The continent is, in fact, predicted to record a drop in GDP per capita at about 0.1 percent every year for the 10 years to 2025, thanks to a cocktail of economic doldrums, compounded by coups and violence as well as climatic shocks.

These conflicts, protests, and contested elections cause have led to instability and economic uncertainty in several countries across the continent, while coups lead to the unwinding of reforms needed to spur growth, the bank said.

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“Increased conflict and violence in the region weigh on economic activity, and this rising fragility may be exacerbated by climatic shocks,” World Bank said in the report that analyses issues impacting Africa’s economic future.

Since 2015, Africa has had 10 successful coups and five failed attempts. Protests, conflicts and violence have also been experienced in multiple countries across the continent, including some in the region.

The Bank estimates that with the currently ongoing conflicts and fragilities on the continent, the overall GDP growth rate will continue on a downward trajectory this year to 2.5 percent, down from last year’s 3.6 percent, before rebounding to 3.7 percent next year.

Vulnerability

According to the report, other bottlenecks adding fuel to Africa’s economic problems are debt distress, high inflation rates, fiscal unsustainability and little budget headroom to address critical challenges.

Inflation continues to be one of the biggest challenges. In 2023, headline inflation is expected to recede to 7.3 percent averagely across the continent from 9.3 percent last year, but several countries will continue to post double-digit rates. In many other nations, price increase rates still remain above central bank targets.

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Rising debts is another big challenge stifling growth. Since 2015, the number of African countries at high risk of or already in debt distress has more than doubled to 55 percent.

“The debt surge in the region came along with a shift in its composition away from concessional borrowing towards private creditors and non-Paris club bilateral creditors. As a result, debt service burden and vulnerability to shocks have increased,” the bank said.