A study by the Africa Union has shown that about 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink this year due to the impact of the coronavirus pandemic.
The study titled "Impact of the coronavirus on the Africa economy" projects that GDP across the continent will shrink
Before the onset of the pandemic, continent-wide gross domestic product growth had been projected by the African Development Bank to reach 3.4% this year. Under what the AU researchers deemed their realistic scenario, Africa’s economy will now shrink 0.8%, while the pessimistic scenario said there would be a 1.1% dip. The study says up to 15% for foreign direct investment could disappear.
Exports and imports are projected to drop at least 35% from 2019 levels, incurring a loss in the value of trade of around 270 billion dollars.
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