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Debt, COVID-19 and Inclusive Growth for Sustainable Development in Sub-Saharan Africa

Author

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  • Bashir Olayinka Kolawole

    (Department of Economics, Lagos State University (Nigeria))

Abstract

The socio-economic crisis associated with COVID-19 is threatening progress towards attaining sustainable development goals. In this regard, global GDP is to contract in 2020 by 5.2% as against 2.8% in SSA. In addition, as global recession is imminent, developing countries stand to accommodate about 60 million people into extreme poverty amid rising debt. However, as an indispensable requirement for sustainable development, United Nations and African Union resolve to eradicate extreme poverty through aspirations for inclusive growth by 2030 and 2063, respectively. It is on this background this paper examines the impact of debt and COVID-19, as well as the effectiveness of growth inclusiveness for sustainable development in SSA. Imperatively, using a panel of 43 countries over the period 2016-2019, it is established that the level of employment increases, just as life expectancy improves, in tandem with inclusive growth. Also, the timeline analysis of the COVID-19 period reveals that the unemployment rate, as well as public debt, is increasing substantially above the levels before the outbreak; thereby portending a setback on the gains so far achieved towards sustainable development in the region. As such, total debt cancellation is suggested along with more financial assistance to economies in the region.

Suggested Citation

  • Bashir Olayinka Kolawole, 2021. "Debt, COVID-19 and Inclusive Growth for Sustainable Development in Sub-Saharan Africa," Management & Economics Research Journal, Faculty of Economics, Commercial and Management Sciences, Ziane Achour University of Djelfa, vol. 3(2), pages 104-134, September.
    • Handle: RePEc:alv:journl:v:3:y:2021:i:2:p:104-134
    DOI: 10.48100/merj.2021.161
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    More about this item

    Keywords

    COVID-19; Debt; Employment; Inclusive Growth; Sustainable Development;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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