The economy would like be severely affected by the current global pandemic. — Thomson Reuters Foundation pic
“Nearly 20 million jobs, both in the formal and informal sectors, are threatened with destruction on the continent if the situation continues,” said the study, which noted that countries relying heavily on tourism and oil production stand to be hit especially hard. The first would cause the African economy to shrink by 0.8 per cent and the second would cause it to shrink by 1.1 per cent—both far cries from the 3.4 pe rcent growth the African Development Bank projected for the continent before the pandemic hit.
But while the continent has been less affected than China, southern Europe and the US, it is already feeling the economic consequences because of trade links with those regions.As the pandemic progresses, sharp drops in oil prices will hammer producers like Nigeria and Angola, while travel restrictions could cost the African tourism sector “at least $50 billion” and “at least 2 million direct and indirect jobs”, the study said.
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