Pandemic Could Push 49 Million Africans Into Poverty – AFDB

DEVTRACO THE PELICAN The Pelican - DEVTRACO The global economy has generally been affected by the pandemic with the International Monetary Fund last month projecting that the world’s economies will shrink by 4.9%, compared with a 3.0% contraction predicted in April.

The African Development Bank (AfDB) has said that 49 million Africans could be pushed into extreme poverty by the coronavirus pandemic.
The AfDB said on Tuesday that West and Central Africa stand to be most hit by the economic slump.

The bank projects that the economy will rebound from the pandemic slump in 2021.

The AFBD forecasts a 3.4% contraction in the gross domestic product in 2020.

The figures were included in a revision of the AfDB’s African Economic Outlook, which was originally published before the pandemic.

Africa’s big economies like South Africa and oil exporters like Nigeria, Angola, and Algeria have been badly hit by the virus.

Lockdowns enforced in different countries have crippled economies and left many jobless.

DEVTRACO THE PELICAN
The Pelican – DEVTRACO
The global economy has generally been affected by the pandemic with the International Monetary Fund last month projecting that the world’s economies will shrink by 4.9%, compared with a 3.0% contraction predicted in April.

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