April 30, 2021

COVID-19 in Africa: The implications for macroeconomic and socioeconomic dimensions

The COVID-19 outbreak began in December 2019 in the Wuhan city of China and has continued to spread globally. As of this writing, 28.2 million cases have been recorded globally with 910,000 deaths. Aside the health impact, the pandemic has led to an unprecedented disruption in economic activities, initiating a sudden demand, supply, and financial shock. The mitigation strategies put in place by governments across the world to curb the virus as well as the uncertainty associated with the pandemic has led to a reduction in the consumption of non-essential commodities. Meanwhile, disruptions to global supply chains in a closely connected world as well as the reduced demand have necessitated a slowdown in production. Furthermore, investors have become more risk averse with the prices of risk assets falling to levels experienced in the 2007-20008 global financial crisis.   To counteract the fall in private sector demand, stabilize the financial system, and ensure economic recovery, governments and central banks across the world have deployed a range of policies and programmes. Central banks are cutting policy rates and providing direct liquidity to the financial system. Federal and sub-national governments are providing tax relief, cash transfers, and employee retention schemes to alleviate the burden on affected individuals and businesses. Africa is not left behind as governments have increased spending plans (about 1.9% of their GDP) and central banks are adopting more accommodating monetary policies.

Download Label
March 13, 2018 - 4:00 am
application/pdf
882.16 kB
v.1.7 (stable)



Related

 

CSEA Participates At World Economic Forum On Africa 2015

CSEA joined regional and global leaders from business, government and civil societies and the media at the 25th meeting of the World Economic Forum in Africa June 3-5, 2015, in Cape Town, South Afri

CSEA Participates In WATTNET Write Shop

On the occasion of the inaugural conference and formal launch of the West African Think Tank Network (WATTNet) taggedTransforming West Africa for InclusiveDevelopment, the Think Tank Initiative

CSEA Collaborates With SAIIA, ODI For Policy Dialogue On Global Economic Governance In Africa

CSEA in collaboration with the South African Institute of International Affairs (SAIIA) and the Overseas Development Institute (ODI) organised a policy dialogue on December 8-9,2014 in London, to di

Africa Policy Circle Meeting: Tackling Inequalities Through Structural Reforms

CSEA participated at the 6th meeting of the African Policy Circle (APC) which was hosted by the Botswana Association of Local Authorities with the support of Konrad Adenauer Stiftung and the Agency fo