Economies in deep recession
A majority, if not all, of Africa’s countries, have abandoned hopes of meeting fiscal expectations by the end of the year. But that is not all because what is more concerning is that hitherto stable economies have begun to show cracks.
The World Bank says the pandemic would cost Sub-Sahara Africa “between $37 and $79 billion in estimated output losses in 2020, reducing agricultural productivity, weakening supply chains, increasing trade tensions, limiting job prospects, and exacerbating political and regulatory uncertainty.”
It is hard to see how some of these countries would avoid a recession. Governments in Kenya, Ghana, Egypt and Nigeria believe it will take a few years until progress is retained for their economies.