Private Savings and COVID-19 in Sub-Saharan Africa

Volume/Issue: Volume 2022 Issue 176

Publication date: September 2022

ISBN: 9798400219306

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Economics / General , Demography , 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

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Summary

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.