African Development Bank forecasts economic turmoil for Africa in 2020 amid COVID-19 Updated for 2021

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Updated: March 6, 2021

The African Development Bank on Tuesday forecast an economic turmoil for Africa in 2020 amid COVID-19 pandemic with real GDP expected to shrink by 1.7 percent under the baseline scenario and 3.4 percent in the worst-case scenario.

The AfDB forecast, contained in its latest economic outlook for Africa, said a partial recovery of 3 percent is expected in 2021.

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The International Monetary Fund (IMF) recently projected a contraction of 3.2 percent for Sub-saharan Africa in 2020 and a rebound of about 3.4 percent in 2021.

AfDB said inflation has quickly increased in the continent because of supply chain disruptions—up to 5 pp more in some countries while exchange rates have fluctuated
widely, especially for frontier economies as a result of capital outflows.

This story would be updated.

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