Following the current pandemic ravaging the whole world. The World Bank has disclosed that Africa’s economy will go into recession as long as the covid-19 pandemic continues.
The Apex bank, stated that most Africa economies will contract leading to its first recession in the last 25 years.
Hafez Ghanem, World Bank Vice President for Africa, reported that the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the coronavirus will cost sub-Saharan Africa $37 billion to $79 billion in output losses this year due to trade and value chain disruption, among other factors.
Various African governments have announced lockdowns or curfews in response to the virus, which was slow to reach many African countries but is now growing exponentially, according to the World Health Organization.
According to a World Health Organisation Data, Africa has over 11,000 confirmed cases of the novel coronavirus, more than 560 deaths and over 1,140 recoveries at the moment.