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African Union predicts that Africa's economy will shrink by 0.9% this year

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The African Union (AU) released a report on the 6th. According to the latest macroeconomic model predictions, affected by the new crown epidemic, the African continent's economy may shrink by 0.9% this year.

On the same day, the AU released the report "The Impact of the New Crown Epidemic on the African Economy", which said that according to the two scenarios with different degrees of impact on the epidemic, the African economy may shrink by 0.8% or 1.1%.Based on this comprehensive calculation, the report judges that Africa's economy will shrink by 0.9% this year.

The report believes that the disruption of global supply chains, the sharp drop in commodity prices, the sharp decline in fiscal revenue and the related anti-epidemic measures of African countries are the main causes of economic contraction.

The report said that the epidemic will have a serious impact on air travel and cargo trade in Africa, with losses of up to US $ 50 billion and US $ 270 billion, respectively. In addition, about 20 million jobs will be threatened by the epidemic.

The AU stated that the epidemic will result in a significant reduction in the fiscal revenues of African countries this year, and Africa ’s fight against the epidemic will add an additional US $ 130 billion in public expenditure.