Charles Leyeka Lufumpa, Acting Chief Economist and Vice President for Economic Governance and Knowledge Management, at the African Development Bank, said: “To reopen economies, policymakers needed to follow a phased and incremental approach that carefully evaluates the trade-offs between restarting economic activity too quickly and safeguarding the health of the population. Policymakers need to act fast to alleviate the impact of the crisis on vulnerable groups through well targeted social safety net measures.”, The report called for urgent policy interventions to mitigate the impact of the pandemic: “Across Africa, the response must be well-sequenced and multipronged, involving a public health response to contain the spread of the virus and minimise fatalities, a monetary policy response to ease liquidity constraints and solvency risks, and a fiscal response to cushion the economic impacts of the pandemic on livelihoods and to assist businesses.”. Event — Virtual. Key Messages.
“. The supplement noted that the curve of the pandemic in Africa was flattening gradually. The predictions are contained in a supplement to the Bank’s African Economic Outlook, which … It would then be discussed by a panel of senior policymakers and private sector practitioners.

Real GDP in Africa is projected to contract by 1.7 percent in 2020, dropping by 5.6 percentage points from the January 2020 pre-COVID–19 projection, if the virus has a substantial impact but of short duration. The COVID-19 pandemic has resulted in economic disruptions that have changed the strong growth projections the African Development Bank reported in January in the 2020 African Economic Outlook. To watch Creamer Media's latest video reports, South African Institute of International Affairs, Strengthening Somalia’s health systems: emerging stronger from Covid-19. ARTICLE ENQUIRY, To subscribe email subscriptions@creamermedia.co.za or click here In a comprehensive socio-economic assessment of the pandemic’s impact, the Bank said growth was now projected to rebound to 3% in 2021 from -3.4% in the worst-case scenario for 2020.

If it continues beyond the first half of 2020, there would be a deeper GDP contraction in 2020 of 3.4 percent, down by 7.3 percentage points from the growth projected before the outbreak of COVID–19. What: Webinar on the African Economic Outlook 2020 Supplement for Asian Audiences. The African Development Bank, AfDB, will launch its African Economic Outlook 2020 Supplement in a live Zoom event from 14.30 to 16.00 (Abidjan time) on Tuesday 7 July 2020. The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. According to the supplement, reported figures were likely to be higher in reality because of limited testing capabilities in most countries. Other proposed interventions included labour market policies to protect workers and their jobs, and structural policies to enable African economies to rebuild and enhance their resilience to future shocks. APO. The spread of the virus in Africa depends largely on the preparedness of countries to separate and treat infected patients, the supplement stated, noting that only 21 out of 54 African countries are clinically prepared to deal with epidemics. Download.

Copyright © 2019 ZODIAK BROADCASTING STATION. The continent also remains vulnerable to other regional threats such as the locust swarms that have struck East Africa, as well as to extreme climate events. The authors said to reopen economies, policymakers needed to follow a phased and incremental approach that carefully evaluated the trade-offs between restarting economic activity too quickly and safeguarding the health of the population.

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