According to African Economic Outlook 2020 report produced by Africa Development Bank, 49 Million people in Africa could be pushed into extreme poverty by the Covid-19 pandemic, says the African Development Bank (AfDB).
West and Central Africa stand to be the most hit regions economically according to the AfDB.
The bank projects that the economy will recover from the pandemic collapse next year.
The African Economic Outlook 2020 estimates a 3.4% contraction in the gross domestic product this year.
African Economic Outlook 2020 is one of the annual reports produced by the African Development Bank. The document was originally published before the pandemic.
Africa’s biggest economies such as South Africa and oil exporters like Nigeria, Algeria and Angola have been hit hard by the pandemic.
The global economy has also been greatly affected by the pandemic, with the IMF in June projecting that global economies will shrink by 4.9% compared to 3.0% projected in April.
Source: BBC
Read More:
- Brazil’s president Bolsonaro tests positive for Covid-19
- Coronavirus cases in South Africa surpass 200,000 mark
- President Kenyatta reopens Nairobi, Mombasa and Mandera, extends curfew for 30 days
GOT a story? RING Kerosi Dotcom on +254 20 78 64 348 or WHATSAPP on +254 704 829 003 or EMAIL info@kerosi.com
