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Private Savings and COVID-19 in Sub-Saharan Africa

Author

Listed:
  • Mr. Boileau Loko
  • Nelie Nembot
  • Mr. Marcos Poplawski Ribeiro

Abstract

The paper reexamines the main private savings determinants in Sub-Saharan Africa (SSA), followed by an analysis of the COVID-19 pandemic impact on private savings in SSA and other country groupings. Using an unbalanced panel data from 1983−2021 for 31 SSA economies, the paper finds that real per capita economic growth remains a key historical determinant of private savings in the region. In contrast with other regions, private saving rates have not increased during COVID-19 in SSA. Instead, COVID-19 deaths in our estimations are significantly associated with a decline in private savings in SSA. Robustness checks and a descriptive analysis of household surveys during the pandemic corroborate those results.

Suggested Citation

  • Mr. Boileau Loko & Nelie Nembot & Mr. Marcos Poplawski Ribeiro, 2022. "Private Savings and COVID-19 in Sub-Saharan Africa," IMF Working Papers 2022/176, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2022/176
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