Given the negative effect of Coronavirus outbreak, the African Development Bank, AfDB, has disclosed that an additional 49 million Africans are at risk of extreme poverty.
According to the comprehensive socio-economic assessment of the COVID-19 pandemic’s impact made available by the bank, West and Central Africa is likely to be the worst hit.
However, the bank advised governments and development partners to respond in a more coordinated and rapid manner to be effective in limiting the impacts of the COVID-19 outbreak.
Also, the bank noted that Africa’s economic growth could rebound in 2021, if the COVID-19 infection rate is well managed.
The supplement cautioned that the growth outlook for 2021 and beyond would depend largely on African governments’ effectiveness in flattening the curve of the outbreak and policies to reopen economies.
Africans Risk Extreme Poverty
The Acting Chief Economist and Vice President for Economic Governance and Knowledge Management, at AfDB Charles Leyeka Lufumpa there is the need for policymakers to follow a phased and incremental approach.
He stated that the approach must evaluates the trade-offs between restarting economic activity too quickly and safeguarding the health of the population.
However, the Executive Director of the African Economic Research Consortium and Former Governor of the Central Bank of Kenya, Njuguna Ndung’u, described the African Economic Outlook 2020 supplement as “a very important and useful policy tool for African countries who actually need it at this time.
Meanwhile, COVID-19 remains a serious threat to lives and livelihoods, given weak healthcare systems and limited social protection.
