The unprecedented speed and spread of the coronavirus pandemic has prompted African governments to undertake extraordinary measures to protect their populations. The continent’s economy was uniquely vulnerable in the early stages of the virus due to Africa’s exposure to China, the major customer of its raw material exports. Now that the contagion has spread around the world, a global recession seems all but assured. UNECA has already slashed its 2020 growth prediction for African by nearly half and projected a hit of $65bn to oil exporting nations. Economic support, including loan deferments, can help to ward off further economic turmoil.
SOURCE: AFRICAN BUSINESS MAGAZINE