INSIDE POLITICS
The International Monetary Fund (IMF) expects Sub-Saharan Africa to see a record decline in economic activity in 2020 due to the impact of the COVID-19 pandemic.
The region’s economy is projected to contract by 1.6% this year, which is a downward revision of 5.2 percentage points from the IMF’s October 2019 forecast.
The IMF said that the less diversified economies will be hit the hardest, reflecting the impact of lower commodity prices and containment efforts.
Among the non-resource-intensive countries, those that depend on tourism are expected to witness a severe contraction because of extensive travel restrictions, while emerging market and frontier economies will face the consequences of large capital outflows and tightening financial conditions.
To mitigate this impact, the IMF, together with other Development Finance Institutions (DFI) such as the World Bank, the African Development Bank and the BRICS New Development Bank have pledged major support and as
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