African economies could shrink 3.4% this year, rebound in 2021 -AfDB

by Reuters
Tuesday, 7 July 2020 15:24 GMT

JOHANNESBURG, July 7 (Reuters) - The African Development Bank (AfDB) forecast on Tuesday that the continent's economies will contract by 3.4% in 2020 if the pandemic continues into the second half of the year, compared to a pre-COVID-19 projection for growth of 3.9%.

A partial V-shaped recovery should see gross domestic product growth of between 2.4% and 3% in 2021, the Abidjan-based bank said in a revision of its African Economic Outlook which was originally published before the pandemic.

(Reporting by Joe Bavier Editing by Gareth Jones)

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