{"id":24332,"date":"2020-04-06T12:56:00","date_gmt":"2020-04-06T12:56:00","guid":{"rendered":"https:\/\/southafricajournal.com\/?p=24332"},"modified":"2020-04-07T12:58:31","modified_gmt":"2020-04-07T12:58:31","slug":"african-union-predicts-continental-recession-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/","title":{"rendered":"African Union Predicts Continental Recession Due to COVID-19"},"content":{"rendered":"\n

ADDIS\nABABA – With the African Union now predicting the continent\u2019s economy will\ncontract by 0.8 percent this year, African finance ministers are scheduled to\nmeet via video conference on Thursday to discuss ways countries can mitigate a\nlooming economic disaster.<\/p>\n\n\n\n

Researchers\nat the AU now believe the continent will slip into a recession this year due to\nthe impact the coronavirus is currently having on trade, remittances, tourism\nand a huge fall in global oil prices. <\/p>\n\n\n\n

An\nAU report seen by VOA estimates governments will lose around $270 billion from\nlost trade. The report, first published by Reuters, also says governments will\nneed at least $130 billion in additional public spending to fight the virus.<\/p>\n\n\n\n

Fran\u00e7ois\nConradie, senior political economist at NKC African Economics, a research firm\nin South Africa, said via a messaging app that African governments do not have\nmuch firepower to fight the impacts of COVID-19.<\/p>\n\n\n\n

\u201cThe\nonly thing we can do really \u2014 and that\u2019s what these negotiations [on Thursday]\nare about \u2014 is to try and boost state spending capacity by organizing low\ninterest loans from multilateral and maybe private lenders and then inject that\nmoney into the economy in the form of some sort of help,” he said.<\/p>\n\n\n\n

“We\u2019re\ndoing that in Africa by giving tax holidays to employees of minimum wage people\nto try and save those jobs. There is some other initiatives to make financing\navailable at low interest to SMEs to try and get them on their feet. It\u2019s the\nkind of thing that will help companies that are still viable but it won\u2019t do\nanything for the companies that have seen their markets disappear,\u201d said\nConradie.<\/p>\n\n\n\n

<\/a><\/p>\n\n\n\n

One big task for\nAfrican finance ministers will be to convince institutions such as the\nInternational Monetary Fund and World Bank to suspend or even cancel some of\nthe continent\u2019s debt load. But, experts say, most of Africa\u2019s debt is owed to\nprivate bondholders who may not have political or humanitarian considerations\nin mind when asked to cancel debt. <\/p>\n\n\n\n

Yeo Dossina, head of\nthe economic policy and research division at the AU, was asked what Africa can\ndo to mitigate the economic impact of COVID-19. He spoke to VOA via a messaging\napp.<\/p>\n\n\n\n

\u201cYou will see some\nmeasures already taken by member states, including from central banks. We\u2019ve\ntried to narrow down the interest rate and also to provide liquidity to\ncommercial banks so that we can also put some money in the treasury of\nenterprises. Also, there are some special measures that governments are taking\nto provide for vulnerable people with some resources so they can buy food to\neat, and also to try and purchase medical material and products to persons that\nare now sick,\u201d said Dossina. <\/p>\n\n\n\n

Dossina added that\nremittances that are an average of $50 billion per year from the African\ndiaspora have gone down since the coronavirus outbreak began. <\/p>\n\n\n\n

On Thursday, he said,\nfinance ministers will try and reach a common position on how much debt they\nwant to see suspended or canceled. <\/p>\n\n\n\n

African governments\nwill also closely watch an OPEC meeting Thursday where members are to discuss\noil production cuts that would help raise prices and help oil-dependent\ncountries such as Nigeria, Angola and Gabon.<\/p>\n\n\n\n

While the full effects\nof the virus still remain to be seen in Africa, cases are beginning to rise in\ncountries such as Burkina Faso and Cameroon, where there are 345 and 650\ncoronavirus patients, respectively.<\/p>\n\n\n\n

Source: Voice of America<\/p>\n","protected":false},"excerpt":{"rendered":"

ADDIS ABABA – With the African Union now predicting the continent\u2019s economy will contract by 0.8 percent this year, African finance ministers are scheduled to meet via video conference on Thursday to discuss ways countries can mitigate a looming economic disaster. Researchers at the AU now believe the continent will slip into a recession this … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\nAfrican Union Predicts Continental Recession Due to COVID-19 - South Africa Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"African Union Predicts Continental Recession Due to COVID-19 - South Africa Journal\" \/>\n<meta property=\"og:description\" content=\"ADDIS ABABA – With the African Union now predicting the continent\u2019s economy will contract by 0.8 percent this year, African finance ministers are scheduled to meet via video conference on Thursday to discuss ways countries can mitigate a looming economic disaster. Researchers at the AU now believe the continent will slip into a recession this ... Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\" \/>\n<meta property=\"og:site_name\" content=\"South Africa Journal\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-06T12:56:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T12:58:31+00:00\" \/>\n<meta name=\"author\" content=\"sjadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sjadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\"},\"author\":{\"name\":\"sjadmin\",\"@id\":\"https:\/\/southafricajournal.com\/#\/schema\/person\/b5258049232dc72b42ad1073df5c990f\"},\"headline\":\"African Union Predicts Continental Recession Due to COVID-19\",\"datePublished\":\"2020-04-06T12:56:00+00:00\",\"dateModified\":\"2020-04-07T12:58:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\"},\"wordCount\":592,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/southafricajournal.com\/#organization\"},\"articleSection\":[\"General\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\",\"url\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\",\"name\":\"African Union Predicts Continental Recession Due to COVID-19 - South Africa Journal\",\"isPartOf\":{\"@id\":\"https:\/\/southafricajournal.com\/#website\"},\"datePublished\":\"2020-04-06T12:56:00+00:00\",\"dateModified\":\"2020-04-07T12:58:31+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/southafricajournal.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"African Union Predicts Continental Recession Due to COVID-19\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/southafricajournal.com\/#website\",\"url\":\"https:\/\/southafricajournal.com\/\",\"name\":\"South Africa Journal\",\"description\":\"Hub for all the Latest News & Updates\",\"publisher\":{\"@id\":\"https:\/\/southafricajournal.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/southafricajournal.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/southafricajournal.com\/#organization\",\"name\":\"South Africa Journal\",\"url\":\"https:\/\/southafricajournal.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/southafricajournal.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/southafricajournal.com\/wp-content\/uploads\/2017\/08\/south-africa-journal.png\",\"contentUrl\":\"https:\/\/southafricajournal.com\/wp-content\/uploads\/2017\/08\/south-africa-journal.png\",\"width\":220,\"height\":111,\"caption\":\"South Africa Journal\"},\"image\":{\"@id\":\"https:\/\/southafricajournal.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/southafricajournal.com\/#\/schema\/person\/b5258049232dc72b42ad1073df5c990f\",\"name\":\"sjadmin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/southafricajournal.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ff4aa10d4f36ab9dc3cce9e101792273?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ff4aa10d4f36ab9dc3cce9e101792273?s=96&d=mm&r=g\",\"caption\":\"sjadmin\"},\"url\":\"https:\/\/southafricajournal.com\/author\/sjadmin-s\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"African Union Predicts Continental Recession Due to COVID-19 - South Africa Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/","og_locale":"en_US","og_type":"article","og_title":"African Union Predicts Continental Recession Due to COVID-19 - South Africa Journal","og_description":"ADDIS ABABA – With the African Union now predicting the continent\u2019s economy will contract by 0.8 percent this year, African finance ministers are scheduled to meet via video conference on Thursday to discuss ways countries can mitigate a looming economic disaster. Researchers at the AU now believe the continent will slip into a recession this ... Read more","og_url":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/","og_site_name":"South Africa Journal","article_published_time":"2020-04-06T12:56:00+00:00","article_modified_time":"2020-04-07T12:58:31+00:00","author":"sjadmin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"sjadmin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#article","isPartOf":{"@id":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/"},"author":{"name":"sjadmin","@id":"https:\/\/southafricajournal.com\/#\/schema\/person\/b5258049232dc72b42ad1073df5c990f"},"headline":"African Union Predicts Continental Recession Due to COVID-19","datePublished":"2020-04-06T12:56:00+00:00","dateModified":"2020-04-07T12:58:31+00:00","mainEntityOfPage":{"@id":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/"},"wordCount":592,"commentCount":0,"publisher":{"@id":"https:\/\/southafricajournal.com\/#organization"},"articleSection":["General"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/","url":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/","name":"African Union Predicts Continental Recession Due to COVID-19 - South Africa Journal","isPartOf":{"@id":"https:\/\/southafricajournal.com\/#website"},"datePublished":"2020-04-06T12:56:00+00:00","dateModified":"2020-04-07T12:58:31+00:00","breadcrumb":{"@id":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/southafricajournal.com\/african-union-predicts-continental-recession-due-to-covid-19\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/southafricajournal.com\/"},{"@type":"ListItem","position":2,"name":"African Union Predicts Continental Recession Due to COVID-19"}]},{"@type":"WebSite","@id":"https:\/\/southafricajournal.com\/#website","url":"https:\/\/southafricajournal.com\/","name":"South Africa Journal","description":"Hub for all the Latest News & Updates","publisher":{"@id":"https:\/\/southafricajournal.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/southafricajournal.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/southafricajournal.com\/#organization","name":"South Africa Journal","url":"https:\/\/southafricajournal.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/southafricajournal.com\/#\/schema\/logo\/image\/","url":"https:\/\/southafricajournal.com\/wp-content\/uploads\/2017\/08\/south-africa-journal.png","contentUrl":"https:\/\/southafricajournal.com\/wp-content\/uploads\/2017\/08\/south-africa-journal.png","width":220,"height":111,"caption":"South Africa Journal"},"image":{"@id":"https:\/\/southafricajournal.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/southafricajournal.com\/#\/schema\/person\/b5258049232dc72b42ad1073df5c990f","name":"sjadmin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/southafricajournal.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ff4aa10d4f36ab9dc3cce9e101792273?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ff4aa10d4f36ab9dc3cce9e101792273?s=96&d=mm&r=g","caption":"sjadmin"},"url":"https:\/\/southafricajournal.com\/author\/sjadmin-s\/"}]}},"_links":{"self":[{"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/posts\/24332"}],"collection":[{"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/comments?post=24332"}],"version-history":[{"count":0,"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/posts\/24332\/revisions"}],"wp:attachment":[{"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/media?parent=24332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/categories?post=24332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/southafricajournal.com\/wp-json\/wp\/v2\/tags?post=24332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}