The COVID-19 pandemic threatens to make African countries even more vulnerable to aggressive sovereign-debt speculators. But the crisis also presents financial institutions with an opportunity to change the way they do business and play their part in helping the continent's economies to recover.
PRETORIA – COVID-19 is creating Sub-Saharan Africa’s worst social and economic crisis since World War II. The region’s economy is set to contract by 1.6% in 2020, its worst performance on record. Global merchandise trade could shrink by 13-32% this year, which will hit Africa hard. And the World Health Organization warns that the number of coronavirus cases in Africa could increase to 29-44 million in the first year of the pandemic, with up to 190,000 deaths.
PRETORIA – COVID-19 is creating Sub-Saharan Africa’s worst social and economic crisis since World War II. The region’s economy is set to contract by 1.6% in 2020, its worst performance on record. Global merchandise trade could shrink by 13-32% this year, which will hit Africa hard. And the World Health Organization warns that the number of coronavirus cases in Africa could increase to 29-44 million in the first year of the pandemic, with up to 190,000 deaths.