IMF Estimates A 3% Growth Contraction For Sub-Saharan Africa

KEY POINTS

  • By comparison, the international economy shrunk by a far smaller 0.1 percent after the devastating financial crisis of 2008. The 2020 predictions of the IMF in its latest World Economic Outlook represent an upgrade of 0.8% point from its previous forecast in June.
  • As per the projection, some national could show positive growth such as Kenya, Ghana, Guinea, Botswana, Côte d'Ivoire, Ethiopia, and Tanzania. However, countries such as Nigeria could lose 4 points on its growth while South Africa could register an 8 percent decline.

The International Monetary Fund (IMF) has predicted a 4.4 percent decline in 2020 as the global economy struggles to recover from the Covid-19 pandemic-induced recession and experiences its worst collapse in nearly a century.

By comparison, the international economy shrunk by a far smaller 0.1 percent after the devastating financial crisis of 2008. The 2020 predictions of the IMF in its latest World Economic Outlook represent an upgrade of 0.8% point from its previous forecast in June.

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But Hope is Not Lost

The multinational lending agency relayed that emerging and developing countries are doing a bit better than developed countries as is the case with Sub-Saharan African national, whose growth is estimated to have fallen by 3 percent this year, with a return to growth of more than 3 percent currently forecast for 2021.

As per the projection, some national could show positive growth such as Kenya, Ghana, Guinea, Botswana, Côte d’Ivoire, Ethiopia, and Tanzania. However, countries such as Nigeria could lose 4 points on its growth while South Africa could register an 8 percent decline.

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