Africa UN Knowledge Hub for COVID-19

NAIROBI — The economic repercussions of the COVID-19 pandemic are expected to put Africa into its first recession in 25 years and could push 49.2 million people on the continent into extreme poverty by next year.

During a press conference Thursday, Akinwumi Adesina, president of the African Development Bank, laid out the top four priority areas that African countries should focus on to help economies across the continent rebound.

Global markets and spirits are up with the news that two COVID-19 vaccines have shown to be more than 90% effective in late-stage clinical trials.

But while there is growing confidence that an end to the health pandemic is in sight, an UNCTAD report published on 19 November warns that a viable vaccine will not halt the spread of economic damage, which will be felt long into the future, especially by the poorest and most vulnerable.

In South Africa, estimates suggest COVID-19 destroyed a decade’s worth of employment growth in just four months. And of  the 3 million jobs lost in Q1 and Q2, according to NIDS-CRAM data, two million were held by women. The Q3 labor force survey shows that some jobs have  recovered, but that unemployment has grown overall.

Across the world, poor neighborhoods have experienced more COVID-19

The President of the Republic, Nana Addo Dankwa Akufo-Addo, says Ghana's economy rebounding faster from the ravages of COVID-19 than envisioned, following a slow rate of growth in 2020.

The COVID-19 pandemic came with destabilising effects on the Southern Africa Development Community’s (SADC) development agenda on industrialisation, trade and free movement across borders.

DAKAR, Sept 22 (Reuters) - Gambia’s economy should recover to growth of 4.9% in 2021 from a small contraction last year caused by the coronavirus crisis, the International Monetary Fund said on Thursday.

Economic growth in sub-Saharan Africa will lag behind world output partly because of the slow rollout of coronavirus vaccines.

More than 100 decision-makers and economic stakeholders will gather in Kigali this week to discuss the road to social and economic recovery and how to attract investments in East Africa. The meeting known as the 25th session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE), will take place from 27 to 29 October 2021.

The IMF’s latest regional outlook report for Sub-Saharan Africa suggests a positive economic growth trajectory over the next year, but one which lags behind other regions in the world.