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Africa’s GDP could lose $173.1 billion by year-end, projects AfDB

Africa’s GDP could lose $173.1 billion by year-end, projects AfDB

Economy
The African Development Bank (AfDB), has projected that Africa’s Gross Domestic Product (GDP) could lose about $173.1 billion by year-end, and $236.7 billion in 2021, due to the impact of the on-going COVID-19 pandemic on the continent’s economies. According to the Bank, restrictions and strict lockdown measures imposed at the beginning of the health crisis, some of which are being gradually relaxed, have resulted in mass closures of businesses and millions of job losses. Specifically, President, AfDB, Dr. Akinwumi Adesina, said with the pandemic, Africa has lost over a decade of gains of economic growth, noting that the Bank aims to soften the impact of the anticipated recession . Speaking at the Bank’s 55th yearly meetings, and 46th meetings of the Board of Governors of the ...