Africa’s virus recovery is under threat
JOHANNESBURG – A rising debt bill in Africa is wrestling away funds needed for infrastructure and dampening hopes of a speedy recovery from the economic fallout of the coronavirus pandemic.
As export and tax revenue decline due to subdued global demand and domestic activity, debt costs are eating up a larger share of countries’ income in a region that already spends less than any other on infrastructure.
After 25 years of uninterrupted economic growth, gross domestic product in sub-Saharan Africa could contract by 2.8% this year, according to the World Bank.
Source: iol.co.za