23.6 C
Accra
Thursday, August 18, 2022

Economic Activity for Sub-Saharan Africa to contract by 3.2% – IMF

Must Read

Government determined to put measures in place to relieve Ghanaians of hardship

By Bright Ntramah President Akufo-Addo says government is determined to bring relief to Ghanaians and put the economy back on...

NABCo workers demonstrate to demand 10 months unpaid allowances

Some workers under the Nation Builder’s Corps, NABCO, hit the streets of Accra to demand payment of their 10-months...

President Akufo-Addo congratulates President Elect of Kenya

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has congratulated the newly-elected President of Kenya, His Excellency William...

In its latest release from International Monetary Fund on Economic Outlook for Sub-Saharan Africa, June 2020 Update, it states Economic activity this year is now projected to contract by some 3.2 percent, reflecting a weaker external environment and measures to contain the COVID-19 outbreak.

The report says Growth is projected to recover to 3.4 percent in 2021 subject to the continued gradual easing of restrictions that has started in recent weeks and, importantly, if the region avoids the same epidemic dynamics that have played out elsewhere.

Africa’s authorities have acted swiftly to support the economy, but these efforts have been constrained by falling revenues and limited fiscal space, the Report stated.

It urged that Regional policies should remain focused on safeguarding public health, supporting people and businesses hardest hit by the crisis, and facilitating the recovery.

The region cannot tackle these challenges alone, and a coordinated effort by all development partners will be key.

Click On The Link For The Full Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Government determined to put measures in place to relieve Ghanaians of hardship

By Bright Ntramah President Akufo-Addo says government is determined to bring relief to Ghanaians and put the economy back on...

NABCo workers demonstrate to demand 10 months unpaid allowances

Some workers under the Nation Builder’s Corps, NABCO, hit the streets of Accra to demand payment of their 10-months unpaid allowances. The beneficiaries, whose programme...

President Akufo-Addo congratulates President Elect of Kenya

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has congratulated the newly-elected President of Kenya, His Excellency William Ruto, on his victory in...

Arise Ghana demands suspension of utility tariffs, removal of Ken Ofori-Atta

Pressure group, Arise Ghana, has appealed to the Government to suspend the implementation of the new utility tariffs in the interest of consumers. Addressing a...

Global Peace Ambassador Gurudev Tours Africa; advocates creation of Happiness Centers

By Beryl Addo World renowned humanitarian leader and Founder of the Art of Living, a non profit organisation that focuses on mental health, Gurudev Sri...

More Articles Like This