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AFRICA

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Sub-Saharan Africa recession looms World Bank warns

 

By Niyi Maralysa

 

 

The World Bank is projecting that sub-Saharan Africa will go into recession for the first time in a quarter a century as the Covid-19 pandemic disrupts economies.

 

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The global financial institution says the region’s economy could contract by -2.1% to as much as -5.1% this year.

 

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The outbreak has spread to 52 countries on the continent that have cumulatively reported 10,250 confirmed cases and 492 deaths.

 

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AFP say World Bank and the International Monetary Fund are calling for a ‘debt standstill’ from creditors to free up money to go into saving lives.

 

  • The World Bank says reduced access to agricultural inputs, disruption of supply chains and loss of livelihoods could lead to a food shortage.

 

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Africa’s biggest economies are worst hit – Nigeria and Angola by the collapse of oil prices, and South Africa by a drop in mining income. 
Agricultural exports from Ethiopia and Kenya have all but shut down.

 

Africa was among the last to be hit by Covid-19, and the response from most countries was swift and hard – border closures, lockdowns and the quarantine of travellers.

 

 

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