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Economical Situation in Sub-Saharan African Countries

Author

Listed:
  • Soboń Dariusz

    (Central Jacob Academy from Paradies in Gorzów Wielkopolski, Poland)

  • Soboń Janusz

    (Jacob Academy from Paradies in Gorzów Wielkopolski, Poland)

  • Rogozińska-Mitrut Joanna

    (Jacob Academy from Paradies in Gorzów Wielkopolski, Poland)

  • Seleznova Ruslana

    (Taras Shevchenko Kiev National University, Ukraine)

Abstract

What began as a single COVID-19 case in China in late 2019 quickly spread around the globe in the first quarter of 2020. While the impact on the world’s health systems is unknown, the economic toll remains also remains unknown as the world grapples with an unprecedented global recession. This paper estimates that COVID-19 will drag African economies into a fall of about 2,1% in GDP, with smaller economies facing contraction of up to 8%. The contraction is mainly a result of export adjustments affecting primary commodity exporters, and the attendant losses to tax revenue which reduce the capacity of government to extend the public services necessary to respond to the crisis.

Suggested Citation

  • Soboń Dariusz & Soboń Janusz & Rogozińska-Mitrut Joanna & Seleznova Ruslana, 2021. "Economical Situation in Sub-Saharan African Countries," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 17(3), pages 71-75, September.
    • Handle: RePEc:vrs:finiqu:v:17:y:2021:i:3:p:71-75:n:8
    DOI: 10.2478/fiqf-2021-0021
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    More about this item

    Keywords

    Africa; COVID-19; economic; World Bank;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

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