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Sub-Saharan Africa's economy to slump 3% in 2020 due to COVID-19 -IMF

Published 22/10/2020, 12:05
Sub-Saharan Africa's economy to slump 3% in 2020 due to COVID-19 -IMF

JOHANNESBURG, Oct 22 (Reuters) - Sub-Saharan Africa's
regional economy is expected to contract by 3% this year due to
fallout from the coronavirus pandemic, before rebounding to
growth of 3.1% in 2021, the International Monetary Fund wrote in
a report published on Thursday.
Pre-pandemic growth levels will not return before 2022,
however, and not until 2023 or 2024 in large economies including
South Africa, Nigeria and Angola.
The region is on track for a fiscal deficit of 7.6% this
year and 5.9% in 2021. Africa is facing an external financing
shortfall of between $130 billion and $410 billion for
2020-2023.

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