Socioeconomic impact of COVID-19 on Africa: An opportunity to build more endogenous and resilient emerging economies
The report on "Socioeconomic impact of COVID-19 on Africa: An opportunity to build more endogenous and resilient emerging economies" was prepared by the Department of Economic Affairs of the African Union Commission as an updated version of its previous report released on April 2020. While taking into account the evolution of COVID-19, new scenarios are employed therein, based on estimates made by Member States. This report estimates Africa’s economic growth forecast for 2020 to be -2.1% in an optimistic scenario and -4.9% in a pessimistic scenario consequently showing that Africa may be in its first recession in the last 25 years. The report also takes into account the effectiveness of immediate economic responses implemented by member states which are highlighted in four categories namely restriction of movement, health measures, social measures and economic measures taken to reduce the socio-economic burden on citizens whilst paving the way for economic recovery.