- About 49 million Africans could end up poor due to the outbreak of the coronavirus, the African Development Bank has noted
- AfDB added that West and Central Africa are the areas likely to be worst hit by the pandemic
- The bank also noted that Africa’s gross domestic product (GDP) could contract by 3.4% in 2020
A report by Graphic Online indicates that the African Development Bank (AfDB) has predicted about 49 million Africans could be pushed into poverty due to the outbreak of the coronavirus.
It added that Western and Central African countries are more likely to be hit by poverty. The AfDB has, however, projected that the economy is likely to rebound in the year 2021.
The report went on to say that Africa’s gross domestic product (GDP) could contract by 3.4% in 2020.
The figures were included in a variation of the bank’s African Economic Outlook, which was originally published before the outbreak of COVID-19.
On a global scale, the International Monetary Fund (IMF) has predicted that the world’s economy is likely to shrink by 4.9% instead of the 3.0% contraction that was predicted in April.
Meanwhile, Legit.ng previously reported that President Muhammadu Buhari disclosed that the number of poor people in the country will triple. According to the president, this will come as a result of the COVID-19 pandemic.
The president disclosed this in a statement by Femi Adesina, presidential spokesman, on Wednesday, July 1. Adesina said Buhari disclosed this in a recorded video message to a virtual high-level United Nations meeting.
Buhari who spoke on the impact of the COVID-19 pandemic was quoted to have said: “All the while, they struggle with the most basic needs like nutrition, shelter, health, education, and access to clean water and sanitation.”
In other news, about 6 million additional people in the country are projected to be pushed into poverty by 2022 as a result of the rampaging coronavirus.
The World Bank gave this prediction recently while disclosing how the pandemic will alter things in the country.
Specifically, the bank in a report released recently predicted that there would be 95.7 million Nigerians living below the poverty line by 2022.
The bank stated that without the virus, 90 million Nigerians were projected to be in poverty by 2022. It said the virus would add about 6 million to that figure in two years.
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