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Private savings and COVID-19 in Sub-Saharan Africa

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  • Loko, Boileau
  • Nembot, Nelie
  • Poplawski-Ribeiro, Marcos

Abstract

The paper investigates the impact of COVID-19 on private savings and economic activity in Sub-Saharan Africa (SSA). Using data for at least 13 SSA economies, we find that private saving rates have not increased during COVID-19 in SSA, a finding that contrasts with other regions in the world. Instead, COVID-19 mortality in our estimations is significantly associated with a decline in private savings and economic growth in SSA. Robustness checks and analyses of household surveys during the pandemic validate and explore some of the underlying drivers of those results. The paper further confirms real per capita economic growth as a key determinant of private savings in the region since 1983.

Suggested Citation

  • Loko, Boileau & Nembot, Nelie & Poplawski-Ribeiro, Marcos, 2025. "Private savings and COVID-19 in Sub-Saharan Africa," Emerging Markets Review, Elsevier, vol. 69(C).
    • Handle: RePEc:eee:ememar:v:69:y:2025:i:c:s1566014125001128
    DOI: 10.1016/j.ememar.2025.101363
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    2. Vybhavi Balasundharam & Arika Kayastha & Mr. Marcos Poplawski Ribeiro, 2023. "Inflation Indexation in Public Finances: A Global Dataset on Current Practices," IMF Working Papers 2023/264, International Monetary Fund.
    3. Abubakar, Jamila & Aysan, Ahmet F. & Disli, Mustafa & Elnahass, Marwa, 2025. "Financial shocks and savings amongst Africa's middle class: Insights from FinTech data," International Review of Economics & Finance, Elsevier, vol. 103(C).

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