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Nigeria, Angola, South Africa going into recession_World Bank Predict



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The World Bank Group said on Thursday that Coronavirus will drive many African countries, such as Nigeria, South Africa and Angola into recession, the first for Sub-saharan bloc in 25 years.

In a statement, the bank said growth in Africa will fall sharply from 2.4 per cent in 2019 to -2.1 to -5.1 per cent in 2020.

“While most countries in the region have been affected in different degrees by the pandemic, real gross domestic product growth is projected to fall sharply, particularly in the region’s three largest economies like Nigeria, Angola, and South Africa, as a result of persistently weak growth and investment.

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“In general, oil exporting-countries will also be hard-hit; while growth is also expected to weaken substantially in the two fastest growing areas, the West African Economic and Monetary Union and the East African Community, due to weak external demand, disruptions to supply chains and domestic production.

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