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COVID-19: Africa to enter recession with -5% growth, World Bank predicts

Depression, recession

Emma Ujah, Abuja Bureau Chief The COVID-19 pandemic will drive Sub-Saharan Africa into recession with -5% growth, this year, the World Bank has predicted. It would be the first regional recession in 25 Years, the bank said. The fall would be a sharp contrast from the 2.4% regional growth in 2019 as the new forecast
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Fitch, South Africa, Ratings

Fitch downgrades South Africa’s credit rating to ‘junk’ status

Ratings agency Fitch downgraded South Africa’s credit rating further into “junk” territory on Friday, another blow for Africa’s most industrialised economy, which is still smarting from a Moody’s downgrade last week. Fitch lowered its long-term foreign-currency issuer default rating to ‘BB’ from ‘BB+” and assigned a negative outlook. The agency cited “the lack of a
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AfDB, Coronavirus

African Development Bank says World Bank chief’s criticism ‘misleading’

The African Development Bank on Thursday pushed back against World Bank President David Malpass’ comments that it and similar regional development banks were contributing to emerging market debt problems, saying that his criticism was “misleading and inaccurate.” Malpass said at a World Bank IMF debt forum on Monday that the African Development Bank was “pushing
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