There is considerable concern that the pandemic has reversed some of the limited progress made in Sub-Saharan economies over the last decade. The World Bank reports sizeable increases in poverty levels in many lower-income countries, and those on the continent will feature prominently in this poverty reversal.
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The current state of the global economy and the outlook for the next few years do not bode well for Emerging Market and Developing Economies (EMDEs). Many countries were overly indebted before the pandemic and additional borrowing, one of the few options available to them, will push many into the terrain of unsustainable debt.
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The global pandemic is a health crisis causing enormous human suffering and dramatic economic damage, with lasting negative effects for Africa. Even before COVID-19, the continent was expected to have the largest number of people below subsistence poverty in the coming decade, to exhibit the most rapid rate of urbanization among regions, and to face the most dramatic challenges of development.
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It may seem too early to draw economic lessons from the horrendous pandemic that we face, especially since the health aspects are of foremost importance; however, sometimes crises force a clearer picture to emerge and there may be some valuable
insights already apparent from the events of early 2020. As mentioned in Economic Viewpoint #56...
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Considerable attention is focused, and rightly so, on the public health challenges posed by the Covid-19 spread; however, following the sharp collapse of the stock market, analysts are now also beginning to opine on the macroeconomic implications of the pandemic. Recent op-eds speak of the perhaps premature reduction in interest rates initiated by the Federal Reserve in the U. S., while other...
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