The unprecedented speed and spread of the coronavirus pandemic has prompted African governments to undertake extraordinary measures to protect their populations. The continent’s economy was uniquely vulnerable in the early stages of the virus due to Africa’s exposure to China, the major customer of its raw material exports. Now that the contagion has spread around the world, a global recession seems all but assured. UNECA has already slashed its 2020 growth prediction for African by nearly half and projected a hit of $65bn to oil exporting nations. Economic support, including loan deferments, can help to ward off further economic turmoil.
SOURCE: AFRICAN BUSINESS MAGAZINE
More Stories
Lebo M on 25 Years of The Lion King on Broadway
Mountain House Makes the Most of Its Spectacular Site
A Tribute to Black Artists Could Signal a Change for Museums
7 Young African Women Dominating the Turntables
Meet the Founders of Kitchens of Africa
Seychelles Shines Again at the World Travel Awards
Planning to Honeymoon in the African Bush?
For the Ultimate Trip, these are the Best Hotels in Marrakech
Ghana is also a Great Destination for Keen Walkers
17 Regional Countries have Increased their Travel and Tourism Development Index
What are the Benefits and Costs of Scaling-up the Commercial Production of Bioenergy in Africa?
Faculty of Harvard University and Africa.com Offer Online Course for Entrepreneurs in Food Systems