An African Union study notes that countries relying heavily on tourism and oil production stand to be hit especially hard. coronavirus
The 35-page study outlines two scenarios for the trajectory of the pandemic – a"realistic" scenario in which the pandemic lasts until July but Africa"is not very affected," and a"pessimistic" scenario in which it lasts until August and Africa suffers more.
The first would cause the African economy to shrink by 0.8% and the second would cause it to shrink by 1.1% – both far cries from the 3.4% growth the African Development Bank projected for the continent before the pandemic hit. As of Monday, there were 9,198 positive COVID-19 cases across 51 African countries resulting in 414 deaths, according to the Africa Centres for Disease Control and Prevention.than China, southern Europe, and the United States, it is already feeling the economic consequences because of trade links with those regions.
With revenue drying up, governments"will have no option than to rely on international markets," which could drive up debt levels, it said.Ethiopian Prime Minister Abiy Ahmed last month urged G20 leaders to help Africa cope with the coronavirus crisis by facilitatingThe AU study published on Monday said the African Union Commission"should lead negotiations of an ambitious plan for the cancellation of total African external debt," valued at $236 billion.
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