File: The World Bank and International Monetary Fund are racing to provide emergency funds to African countries.NAIROBI - The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday.
"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," World Bank Vice President for Africa Hafez Ghanem said. Real gross domestic product growth was projected to fall sharply particularly in the region's three largest economies – Nigeria, Angola, and South Africa, the World Bank said.
"Food imports would decline substantially due to a combination of higher transaction costs and reduced domestic demand," the bank said in a statement accompanying the report.
What about Europe & the Americas?
Thats a planned agenda
Stating the obvious. We all know that we were heading for a recession way before Covid. Question people should be asking is what to do. We need solutional statements, not making obvious statements, anyone can do that.
All the more reason why i invested in this.
I hope they dont mean countries like Zimbabwe, with recession or no recession it's just the same, sihlupheka wayawaya.
I mean, aren't we already in a recession - look at last year's performance alone and that is easily established...
Thanks for being years behind. If we've exported capitalism & globalism everywhere, when it breaks, it'll be everywhere. If the US, the country which controls the world economy is in a depression, then it stands to reason that all the other countries will be as well.
If it hasn't already fallen.
The whole world will be trapped in recessionary behavior. I hope their analysis has a global perspective, not a narrow African focus, to influence the need to acquire more loans from them! New Development Bank should be Africa’s preferred bank!
That's too obvious, finding a way out will be the biggest challenge
NO WAY, really?
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