Almost 50M people in Africa could endure extreme poverty

– The African Development Bank noted West and Central Africa are the areas likely to be worst hit by the pandemic

– The bank noted Africa’s gross domestic product (GDP) could contract by 3.4% in 2020

– On a global scale, the International Monetary Fund (IMF) predicted the world’s economy would likely shrink by 4.9% instead of the 3% contraction predicted in April

The African Development Bank (AfDB) has predicted about 49 million Africans could be pushed into poverty due to the effects of coronavirus pandemic.

It said Western and Central African countries are more likely to be hit by poverty.

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Africa’s gross domestic product (GDP) could contract by 3.4% in 2020 but the AfDB however, projected the economy would likely rebound in 2021.

TUKO.co.ke understood the figures were included in a variation of the bank’s African economic outlook, which was originally published before the outbreak of COVID-19.

President of African Development Bank, Akinwumi A. Adesina
Source: Africanews
Source: UGC

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On a global scale, the International Monetary Fund (IMF) predicted the world’s economy would likely shrink by 4.9% instead of the 3% contraction predicted in April.

A month ago, the World Bank predicted about 23 million sub-Saharan Africans could become poor due to the outbreak of COVID-19.

According to Fitch Solutions, rising unemployment and higher food prices driven by the pandemic would feed into other drivers of protests such as high youth unemployment and corruption.

Fitch added that while the pandemic had temporarily placed a lid on these tensions, they were likely to re-emerge and intensify once lockdown measures were lifted.

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