African countries have so far lost $29 billion to the coronavirus economic distorts, an amount equal to Uganda’s Gross Domestic Product (GDP), according to UN estimate.
In the latest report by the United Nations Commission for Africa (ECA), it has predicted that coronavirus will sweep 1.4 per cent of Africa’s $2.1 trillion GDP leading to economic disruption across the world.
The continent’s economic growth is likely to drop from 3.2 per cent in February to 1.8 in March, cautioning in the worsening of the situation in the future.
“Africa will drastically drop its GDP by half due to the coronavirus pandemic that is hitting many countries globally,” said the ECA Executive Secretary Vera Songwe in a statement.
Globally, more than 200,000 people have been confirmed with Covid-19 cases, Italy topping the list with the highest number of reported deaths, while in Africa, 35 of the 54 countries have reported more than 700 Covid-19 cases.
The UN has warned that the continent will still incur more losses as it’s expected to spend more than $10.6 billion in their health budget as efforts to curb the spread of the virus. South Africa, Egypt and Algeria have so far been reported the most hit, accounting to half of the affected population in the entire continent.
According to the UN, Africa has been exposed to the disease due to interconnectedness, whereby more than 19 people have been reported. Kenya, Uganda, Tanzania and many others have suspended all international flights in order to contain the disease to the maximum.