As has become clear, Covid-19 has crippled the world economy. Enormous government borrowing splurges coupled with an unprecedented fall in economic activity has left even the world’s most prosperous economies in tatters, but nowhere has the economic cost of coronavirus been more severe than in Africa.
Unless rapid reforms are adopted, much of the human progress Africa has made in recent years will vanish.
In Africa’s five largest economies – Nigeria, South Africa, Egypt, Algeria and Morocco – which together make up over 60 per cent of the continent’s economic activity, GDP is set to decline by 5.4 per cent in 2020 alone. Among smaller African states, the picture is even worse. The fall in commodity prices alongside the stunting of productivity will see the GDP of some nations such as Botswana, Zimbabwe and Seychelles all fall by at least 9 per cent…
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