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Undoubtedly, the COVID 19 presents the biggest danger to the global economy since the 2008 financial crisis, equally denting Africa’s already stagnant growth. And, feeling the ripple effects of its interconnectedness to the European Union, China and the United States. Perhaps, responses to Coronavirus in Africa need to take into account populations living below the poverty line who risks sinking deeper into poverty.
The spread of Coronavirus might leave economies across the world in ruins. Inadvertently, measures to contain the new virus are slowing down economic growth. COVID-19 which has infected over 1,011,635 people in over 166 countries, is pushing more people into poverty and widening the inequality gap, especially in Africa. Undoubtedly, the virus presents the biggest danger to the global economy since the 2008 financial crisis. The United Nations Conference on Trade and Development (UNCTAD) has warned that COVID 19 will slowdown global growth to under 2% this year, effectively wiping $1 trillion off the value of the world economy.
Africa may have with the list COVID-19 cases reported in some in more than 15 countries so far. Even if Africans don’t get sick, the disease has already dealt the continent a severe economic blow. Africans are already feeling the pain, misery and impoverishment from the new virus. The COVID-19 crisis is seriously denting Africa’s already stagnant growth. In its recent report, Economic Impact of the COVID-19 on Africa (March 13, 2020), the United Nations Economic Commission for Africa (UNECA) predicts that African growth is expected to drop from 3.2% to 1.8%, a drop of 1.4%.
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