With economic activity contracting, the outlook for sub-Saharan Africa this year is "considerably worse than anticipated" and "subject to much uncertainty", the IMF says in the latest update on Sub-Saharan Africa. "Regional policies should remain focused on safeguarding public health, supporting people and businesses hardest hit by the crisis, and facilitating the recovery," according to the update. The region cannot tackle these challenges alone, and a coordinated effort by all development partners will be key."
The COVID-19 crisis is set to wipe out nearly 10 years of progress in development. Real per capita GDP in the region is projected to contract by 5.4 percent in 2020. This will bring the per capita GDP almost back to its level in 2010. COVID-19 is set to increase extreme global poverty for the first time in decades, with 26-39 million people thrust into extreme poverty in sub-Saharan Africa alone.
Africa: A Cautious Opening in Sub-Saharan Africa
IMF, 29 June 2020
The regional outlook has deteriorated sharply since the April 2020 Regional Economic Outlook report release. Sub-Saharan Africa’s economy is now expected to contract by 3.2… Read more »
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