Regionalisation and Economic Resilience in a Pandemic: Making a Case for the African Continental Free Trade Area (AfCFTA)

Abstract

Economic resilience during a pandemic is a critical phenomenon that attracts the attention of scholars, governments, economic planners, and businesses. The adaptability and resilience of an economy to shocks largely depend on its pre-shock health. This article, relying on the narrative review method and Immanuel Wallerstein’s World Systems Theory, situates the diminished capacity of South countries to adequately respond to economic shocks when they occur in the core-periphery, globalised economic order. The article argues that this underlies the disproportionate vulnerability of these countries to global economic shocks and the paucity of economic promise. In addressing this concern, the article posits that economic cooperation and regional integration among peripheral countries present an opportunity for them to boost economic resilience. For instance, the African Continental Free Trade Area (AfCFTA) is a veritable model for regionalisation in Africa, providing a pathway for self-reliance and economic self-determination, thus strengthening resilience to global economic shocks, especially those occasioned by public health crises such as the COVID-19 pandemic. The task of regionalising Africa’s trade cannot be devoid of initial challenges such as revenue losses from lower import tariffs and disruptions in the labour market. However, the commitments of member countries to the AfCFTA will eventually place the African continent on the trajectory of competitive economic growth and development.