About 20 million jobs are at risk in Africa as the continent's economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union study.
Johannesburg - About 20 million jobs are at risk in Africa as the continent's economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union study.
Before the onset of the pandemic, continent-wide gross domestic product growth had been projected by the African Development Bank to reach 3.4% this year. African governments could lose up to 20 to 30% of their fiscal revenue, estimated at 500 billion in 2019, it found. Sub-Saharan Africa's biggest oil producers Nigeria and Angola alone could lose $65 billion in income. African oil exporters are expected to see their budget deficits double this year while their economies shrink 3% on average.Africa has in recent years been among the fastest growing regions in the world for tourism. But with borders now closed to prevent the disease's spread and entire airlines grounded, the sector has been almost entirely shut down.
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