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Private Savings and COVID-19 in Sub-Saharan Africa
Author:
Mr. Boileau Loko null

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,
Nelie Nembot
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, and
Mr. Marcos Poplawski Ribeiro
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https://orcid.org/0000-0003-0998-7238
Series:
IMF Working Papers
Volume/Issue:
Volume 2022: Issue 176
Language:
English
Publication Date:
09 Sep 2022
DOI:
https://doi.org/10.5089/9798400219306.001
ISBN:
9798400219306
ISSN:
1018-5941
Pages:
47
Keywords:
Private Savings; Sub-Saharan Africa; COVID-19; Economic Growth; savings determinants in SSA; pandemic impact; preventive measure; SSA economy; robustness check; Income; Estimation techniques; Middle East; North Africa
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund