Wednesday, January 06, 2021

Africa's Slump

 The World Bank said that in Sub-Saharan Africa activity shrank an estimated 3.7% last year.

The decline in per capita income is expected to set average living standards back by a decade or more in a quarter of Sub-Saharan African economies.

South Africa and Nigeria, the two largest economies in the region, saw output fall sharply in 2020 and agriculture growth slowing. Both countries also saw a dramatic drop in per capita income, which has pushed tens of millions more people into extreme poverty.

It said in a press statement that the pandemic has caused “a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period”.

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