Pandemic could push 49 million Africans into poverty – AfDB


AfDB President Akinwumi Adesina

The African Development Bank (AfDB) has said that 49 million Africans could be pushed into extreme poverty by the coronavirus pandemic.

The AfDB said on Tuesday that West and Central Africa stand to be most hit by the economic slump.

The bank projects that the economy will rebound from the pandemic slump in 2021.

The AfBD forecasts a 3.4% contraction in gross domestic product in 2020.

The figures were included in a revision of the AfDB’s African Economic Outlook, which was originally published before the pandemic.

Africa’s big economies like South Africa and oil exporters like Nigeria, Angola and Algeria have been badly hit by the virus.

Lock-downs enforced in different countries have crippled economies and left many jobless.

The global economy has generally been affected by the pandemic with the International Monetary Fund last month projecting that the world’s economies will shrink by 4.9%, compared with a 3.0% contraction predicted in April.

Source: https://www.graphic.com.gh/business/business-news/pandemic-could-push-49-million-africans-into-poverty-afdb.html

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