Benefits of Africa’s free trade bloc could boost post-pandemic recovery
Many have come up with innovative products during the crisis, and the AfCFTA could open a unique space for small businesses
The Covid-19 pandemic looks set to devastate African economies. A dramatic increase in public expenditure with a sharp drop in revenues on the back of global market turmoil, declining commodity prices and sharp declines in key sectors such as travel and tourism will have a profound and lasting impact.
While numbers are still uncertain, the global economy is expected to shrink by a huge 5.2% this year, with Sub-Saharan Africa’s economy declining by more than 3%. This follows a period of modest economic performance in recent years, with GDP growth barely matching the continent’s 2.7% population growth rate...