Coronavirus Update – Pandemic To Have Disastrous Impact On African Economy

Africa is set to face one of the biggest economic crises in its history. This is due to the lockdowns imposed as a result of the devastating coronavirus pandemic. More than half of the 54 African countries have imposed lockdowns, curfews, travel bans and other measures to control the spread of the virus.

Leaders are warning of financial collapse if assistance is not provided to the millions of people who will be pushed out of employment.

However, governments are saying they are unable to offer direct support to their citizens. This can spell doom for a continent already having its fair share if problems. The African growth curve is under a serious pressure.

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This is what Ahunna Eziakonwa had to say to the Associated Press –

“The African labor market is driven by imports and exports and with the lockdown everywhere in the world, it means basically that the economy is frozen in place. And with that, of course, all the jobs are gone.”

Eziakonwa is the United Nations Development Programme regional director for Africa.

This can be a precursor to the massive hit that the developing world is being predicted to take at the moment.

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Unless the virus’ spread can be controlled, up to 50% of all projected job growth in Africa will be lost. This will happen as aviation, services, exports, mining, agriculture and the informal sector all take a hit.

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“We will see a complete collapse of economies and livelihoods. Livelihoods will be wiped out in a way we have never seen before,” she warned.

This can be one of the biggest crisis the modern world will ever get to witness at any point in the near future.

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Rhythm Bhatia

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