Economics
Sub-Saharan Africa Poised for First Recession in 25 Years
- World Bank sees regional economy contracting as much as 5.1%
- Coronavirus pandemic could cost $79 billion in lost output
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Sub-Saharan Africa will suffer its first recession in 25 years as the coronavirus pandemic brings economies to a halt and disrupts global trade, the World Bank said.
Gross domestic product in the region will probably shrink between 2.1% and 5.1% in 2020, compared with 2.4% growth last year, on account of large contractions in South Africa, Nigeria, and Angola, the three biggest economies, the Washington-based lender said in an emailed copy of its Africa Pulse report on Thursday.