49 Million people in Africa could be pushed into extreme poverty by the Covid-19 pandemic, says the African Development Bank (AfDB).
West and Central Africa stand to be the most hit regions economically according to the AfDB.
The bank projects that the economy will recover from the pandemic collapse next year.
AfDB estimates a 3.4% contraction in the gross domestic product this year.
AfDB has published the figures in a revision of AfDB’s African Economic Outlook. The document was originally published before the pandemic.
Africa’s biggest economies such as South Africa and oil exporters like Nigeria, Algeria and Angola have been hit hard by the pandemic.
The global economy has also been greatly affected by the pandemic, with the IMF in June projecting that global economies will shrink by 4.9% compared to 3.0% projected in April.
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