The International Monetary Fund (IMF) predicts a 4.4% decline in growth in 2020 as the global economy struggles to recover from the pandemic-induced recession and experiences its worst collapse in nearly a century.
By comparison, the international economy contracted by a far smaller 0.1% after the devastating financial crisis of 2008. The IMF’s forecast for 2020 in its latest World Economic Outlook represents an upgrade of a 0.8% point from its previous forecast in June.
But Hope is Not Lost
The 189-nation lending agency relayed that emerging and developing countries are doing somewhat better than developed nations as is the case with Sub-Saharan African states, whose growth is estimated to fall by 3% this year, with a return to growth of more than 3% currently forecast for 2021.
According to this projection, some countries could show positive growth, such as Botswana, Côte d’Ivoire, Ethiopia, Ghana, Guinea, Kenya and Tanzania. On the other hand, Nigeria could lose 4 points on its growth and South Africa could register a decline of 8%.