Pandemic may cause Africa’s first recession in 25 years – World Bank

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The World Bank warned Thursday that sub-Saharan Africa could slip into its first recession in a quarter of century because of the coronavirus pandemic on the world's most impoverished continent.

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The World Bank warned Thursday that sub-Saharan Africa could slip into its first recession in a quarter of century because of the coronavirus pandemic on the world’s most impoverished continent.

“The COVID-19 pandemic is testing the limits of societies and economies across the world, and African countries are likely to be hit particularly hard,” said Hafez Ghanem, the Bank’s vice president for Africa.It warned, however, that real gross domestic product was forecast to “fall sharply” in the three largest economies — Nigeria, South Africa and Angola — because of “persistently weak growth and investment” and declining commodity prices.

“This is going to be the deepest recession globally but also affecting Africa, and the reason why this is so serious is because it is not just a health crisis, it’s a health crisis that’s going to be combined with an economic crisis and potentially a food crisis in African countries.” The Bank said it will giving out up to $160 billion in financial support over the next 15 months to help countries protect the vulnerable, support businesses and shore up economic recovery.

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