THE African continent has faced its first economic recession in 25 years due to the impact of the COVID-19 pandemic, according to the United Nations Economic Commission for Africa (UNECA) report.
The report, entitled “Building Forward for an African Green Recovery Report,” that was published late Monday highlighted the continent’s bold post-COVID-19 pandemic recovery strategy.
The report findings revealed that the continent faced its first recession in 25 years, with output losses due to COVID-19 estimated to be 99 billion U.S. dollars.
The impact of the pandemic is compounded by climate impacts on economic output projected to cause annual losses of between 3-5 percent of GDP by 2030 under a business-as-usual scenario, according to the report.
The report, among other things, seeks to bolster the continent’s valiant quest for the realization of the Sustainable Development Goals (SDGs), attainment of the Paris Agreement’s climate change targets and achievement of the prosperity
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