African bank deepens recession forecast to 3,4% this year

The bank now estimates a recession of 1,7% to 3,4%, depending on the medium or more severe scenario, and a recovery of between 2,4% to 3% next year.

The African Development Bank (AfDB) has worsened growth forecasts for the continent, now anticipating a recession of up to 3,4% this year, announced today the director of the bank's economic department.

"This is a black swan-like event that happens once a century and is unpredictable," explained Hanan Morsy, during the presentation of the review of the bank's economic forecast.

In the Supplement to the African Economic Outlook, the bank now estimates a recession of 1,7% to 3,4%, depending on the medium or more severe scenario, and a recovery of between 2,4% to 3% next year.

"Countries dependent on the export of raw materials and tourism will be the most affected," with GDP declines of 2 to 4% for exporters and more than 10% for countries dependent on tourism to balance public finances.

In Africa, there are 11.622 confirmed deaths in almost 492 infected in 54 countries, according to the most recent statistics on the pandemic in that continent.

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