Lusa - Business News - Sao Tome: Pandemic could cause 8.2% recession in 2020 - AfDB

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Lusa - Business News - Sao Tome: Pandemic could cause 8.2% recession in 2020 - AfDB

Abidjan,July 9,2020(Lusa)-The African Development Bank(AfDB) on Thursday said that the effects of the Covid-19 pandemic could lead to an 8.2% recession this year in Sao Tome and Principe and could extend to 2021.
"In the baseline scenario, which points to a slowdown of the pandemic in July, GDP is expected to contract by 6.1%, but could reach 8.2% if the pandemic persists until December,” said the supplement to the Regional Economic Prospects of the AfDB annual report on African economies.
Updating their January forecasts, AfDB economists argued that the archipelago is highly dependent on cocoa and tourism, sectors that have been heavily affected by the pandemic.
Disturbances in economic activity and trade will also put pressure on the prices of imported products, including food, which will boost inflation from 8.4% in 2019 to 13% and 2020 in the most pessimistic scenario.
In the report, AfDB economists pointed out that the archipelago is ranked 192nd out of 195 countries analysed by the Global Health Security Index and warn that Sao Tome and Principe has a weak health system with limited resources and capacity, and is therefore among the most ill-prepared to deal with the pandemic.
Africa passed on Wednesday half a million cases of Covid-19 and the number of deaths rose to 11,955, plus 333 in the last 24 hours, according to the latest data on the pandemic in the continent.
According to the Centres for Disease Control and Prevention of the African Union (Africa CDC), the number of infected rose to 508,086, up 16,336 in the last 24 hours, while the number recovered was, on Wednesday, 245,068, up 8,702.
Sao Tome and Principe counts 724 cases and 13 deaths.
MBA/IMYN // AYLS
Lusa

Agency : LUSA
Date : 2020-07-10 09:59:00

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