Sub-Saharan Africa could lose some $4 billion due to coronavirus

Sub-Saharan Africa could lose some $4 billion due to coronavirus

- The continuous spread of the coronavirus is likely to lead to an almost $4 billion loss of exports by African countries

- In the year 2019, China traded with Africa to the tune of $208 billion and exports were estimated to be $113.2 billion

- The Overseas Development Institute (ODI) has advised that it is best for low and middle-income African countries need to lower economic exposure and increase resilience to the coronavirus

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African countries are likely to lose almost $4 billion worth of exports following the spread of the coronavirus.

Even without any confirmed cases in the continent, it could be at a disadvantaged point, the Overseas Development Institute (ODI) argues.

Briefly.co.za understands that in 2019, the value of China’s trade activities with Africa stood at $208 billion while exports were estimated to be $113.2 billion, according to China’s General Administration of Customs.

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Briefly.co.za reports that the outbreak of the coronavirus could cost the global economy about $360 billion.

The report has indicated that the outbreak of the virus could result in a significant impact on poor sub-Saharan countries, even if they do not have confirmed cases.

According to the ODI, low and middle-income African countries need to lower economic exposure and increase resilience to the coronavirus.

It also urged countries to realize the importance of spreading out export partners and funding sources beyond China.

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Source: Briefly.co.za

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