Nigeria and other countries in sub-Saharan Africa will lose about $200bn in incomes by the end of 2020, according to the International Monetary Fund.
The development is as a result of the COVID-19 pandemic, which is pulling the global economy towards recession.
IMF had already, in its latest Regional Economic Outlook, projected that the economies of Sub-Saharan African countries would contract by 1.6 per cent this year.
The projected 1.6 per cent contraction is the worst reading on record for the region.
The projected $200bn loss in income for Nigeria and other countries in the region was disclosed in a podcast posted on IMF website on Tuesday.
In the podcast, which was listened to by our correspondent, Papa N’Diaye, Head of the Regional Studies Division in IMF’s African Department, noted that the region was “facing unprecedented health and economic crisis that threatens to reverse much of the development progress it has made in recent years”.
Ndiaye, who heads the research team that worked on the Regional Economic Outlook, observed that at the end of 2020, countries in the region would face income losses of about $200bn relative to what they were expecting six months ago.
“There will be large income losses from this crisis. By the end of 2020 the region will face income losses of about $200bn relative to what they were expecting six months ago,” Ndiaye said.
The development is as a result of the COVID-19 pandemic, which is pulling the global economy towards recession.
IMF had already, in its latest Regional Economic Outlook, projected that the economies of Sub-Saharan African countries would contract by 1.6 per cent this year.
The projected 1.6 per cent contraction is the worst reading on record for the region.
The projected $200bn loss in income for Nigeria and other countries in the region was disclosed in a podcast posted on IMF website on Tuesday.
In the podcast, which was listened to by our correspondent, Papa N’Diaye, Head of the Regional Studies Division in IMF’s African Department, noted that the region was “facing unprecedented health and economic crisis that threatens to reverse much of the development progress it has made in recent years”.
Ndiaye, who heads the research team that worked on the Regional Economic Outlook, observed that at the end of 2020, countries in the region would face income losses of about $200bn relative to what they were expecting six months ago.
“There will be large income losses from this crisis. By the end of 2020 the region will face income losses of about $200bn relative to what they were expecting six months ago,” Ndiaye said.