Economic diversification a must, as Central Africa faces double-jeopardy with coronavirus

“Economies within the Economic Community of Central African States (ECCAS) will collectively have a 4.7 percentage point drop in their projected GDP growth this year as a result of the severe impact of the Coronavirus Outbreak (COVID-19), which is also projected to cost the entire continent billions of dollars to fight it and half of its growth potential.”

via Economic Commission for Africa

ECA estimates billions worth of losses in Africa due to COVID-19 impact

“The Economic Commission for Africa (ECA) on Friday warned the unfolding coronavirus crisis could seriously dent Africa’s already stagnant growth with oil exporting nations losing up to US$ $65 billion in revenues as crude oil prices continue to tumble… The ECA estimates COVID-19 could lead to Africa’s export revenues from fuels falling at around US$101 billion in 2020.”

via Economic Commission for Africa