Breaking News
Translate

IMF estimates growth contraction of 3% for sub-saharan Africa

Kindly Share This Story:

The International Monetary Fund (IMF) predicts a 4.4% decline in growth in 2020 as the global economy struggles to recover from the pandemic-induced recession and experiences its worst collapse in nearly a century.

By comparison, the international economy contracted by a far smaller 0.1% after the devastating financial crisis of 2008. The IMF’s forecast for 2020 in its latest World Economic Outlook represents an upgrade of a 0.8% point from its previous forecast in June.

ALSO READ: Neymar scores hatrick against Peru, surpasses Ronaldo’s Brazil record

The 189-nation lending agency relayed that emerging and developing countries are doing somewhat better than developed nations as is the case with Sub-Saharan African states, whose growth is estimated to fall by 3% this year, with a return to growth of more than 3% currently forecast for 2021.

According to this projection, some countries could show positive growth, such as Botswana, Côte d’Ivoire, Ethiopia, Ghana, Guinea, Kenya and Tanzania. On the other hand, Nigeria could lose 4 points on its growth and South Africa could register a decline of 8%.

Africa News

Vanguard

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!