Private Savings and COVID-19 in Sub-Saharan Africa
IMF Working Papers, September 9, 2022
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- Private Savings and COVID-19 in Sub-Saharan Africa
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Bibliographic details
- Authors: Boileau Loko, Nelie Nembot, Marcos Poplawski Ribeiro
- Published: September 9, 2022
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400219306.001
Overview
- Reexamines the main private savings determinants in Sub-Saharan Africa (SSA) and analyzes the COVID-19 pandemic impact on private savings in SSA and other country groupings.
- Uses an unbalanced panel data set from 1983−2021 for 31 SSA economies.
Main empirical findings
- 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.
- COVID-19 deaths in the estimations are significantly associated with a decline in private savings in SSA.
Methodology and data
- Empirical approach: panel analysis using unbalanced panel data covering 1983−2021.
- Sample coverage: 31 SSA economies.
Robustness and additional evidence
- Results are corroborated by robustness checks.
- A descriptive analysis of household surveys during the pandemic corroborates the econometric findings that private savings did not rise and that COVID-19 deaths are associated with declines in private savings in SSA.
Subject areas and keywords
- Subject areas: COVID-19, Econometric analysis, Estimation techniques, Health, Income, National accounts, Population and demographics, Private savings.
- Keywords: COVID-19, Economic Growth, Estimation techniques, Income, Middle East, North Africa, pandemic impact, preventive measure, Private Savings, robustness check, savings determinants in SSA, SSA economy, Sub-Saharan Africa.
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- Working Paper