COVID-19 Pandemic Damaging Economic Global Economic Growth, Could Push Nearly 50M More Africans Into Extreme Poverty, Reports Show
Devex: The pandemic could push nearly 50 million more Africans into extreme poverty, AfDB says
“In January, the African Development Bank projected that the growth rate of extreme poverty would decline slightly both this year and next. But now as COVID-19 grips the continent, the bank has upwardly revised its estimates to predict up to 37.5 million additional people entering extreme poverty in 2020, and that this could reach 49.2 million by 2021. This is the first time in the bank’s history that it has revised its flagship annual African economic outlook report…” (Jerving, 7/8).
New York Times: The Pandemic’s Economic Damage Is Growing
“It will take years for the global economy to recover from the jobs taken away by the pandemic, and in Europe the recession will be significantly deeper than forecast just two months ago. Those were the findings on Tuesday in two reports, from the Organization for Economic Cooperation and Development and the European Commission, that provided the latest readings on how widespread and deep the economic impact of the coronavirus will be…” (Alderman/Stevis-Gridneff, 7/7).