Private Savings and COVID-19 in Sub-Saharan Africa

47 Pages Posted: 26 Sep 2022

See all articles by Boileau Loko

Boileau Loko

International Monetary Fund (IMF)

Nelie Nembot

Université de Sherbrooke

Marcos Poplawski-Ribeiro

International Monetary Fund (IMF)

Date Written: September 1, 2022

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.

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

JEL Classification: E21, O55, C33, I12, E25, C13, J10

Suggested Citation

Loko, Boileau and Nembot, Nelie and Poplawski-Ribeiro, Marcos, Private Savings and COVID-19 in Sub-Saharan Africa (September 1, 2022). IMF Working Paper No. 2022/176, Available at SSRN: https://ssrn.com/abstract=4224064

Boileau Loko (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Nelie Nembot

Université de Sherbrooke ( email )

2500 bd de l'Universite
Sherbrooke, Québec J1K 2R1
Canada

Marcos Poplawski-Ribeiro

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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