World Bank sounds alarm bells as sub-Saharan Africa faces recession
JOHANNESBURG – The World
Bank has warned that sub-Saharan Africa risks suffering its first recession in over 25 years this year as growth would be significantly impacted by the ongoing coronavirus (Covid-19) outbreak.
Bank has warned that sub-Saharan Africa risks suffering its first recession in over 25 years this year as growth would be significantly impacted by the ongoing coronavirus (Covid-19) outbreak.
The bank this week slashed its 2020 growth forecast for sub-Saharan Africa from 2.4 percent in 2019 to between -2.1 percent to -5.1 percent this year.
It said its twice-yearly economic update for the region, Africa’s Pulse, showed that Covid-19 was set to cost between $37 billion and $79bn in output losses for 2020.
Source: iol.co.za
