Abidjan — The African Development Bank cut its forecast for economic growth on the continent because of the impact of the coronavirus and now sees GDP contracting by at least 1.7% in 2020, and double that if the pandemic continues into the second half of 2020.
The Abidjan, Ivory Coast-based multilateral lender forecasts a partial recovery to expansion of about 3% in 2021. However, that won’t make up for an estimated cumulative loss to Africa’s GDP of $173.1 billion to $236.7 billion for 2020 and 2021 due to the pandemic, it said. Countries dependent on tourism, oil exporters and other resource-intensive economies have been hit hardest.
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