• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, June 7, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

East Africa’s growth to contract by 0.6%

November 26, 2020
Stephen KotochiebyStephen Kotochie
in Africa, Top Stories
0
East Africa’s growth to contract by 0.6%

A new report by the UN Economic Commission for Africa has revealed that Eastern Africa’s growth is estimated to slow down by 0.6 percent in 2020 from 6.6 percent in 2019.

According to the report, the socio-economic impact of the Covid-19 pandemic has been very devastating to the region. Pre-Covid economic challenges have exacerbated, especially regards the region’s labour market which stands as the worst hit on the continent, with an estimated 38 million jobs lost as a result.

Owing to this development, more than 95 percent of countries in the region are struggling to close the year with positive growth. Though currently, only four countries are on track to experience positive growth levels in 2020. South Sudan comes first with 4.1 percent GDP growth, followed by Ethiopia and Tanzania with close to 2 percent and Kenya with 1 percent.

RelatedPosts

Kegame Reshuffle Military Hierarchy

Africa Has Technology and Innovation to Achieve Zero Hunger– Dr Adesina

Ghana’s Hope of Coming Out of Economic Quagmire Next Year Looks Gloomy As World Bank Cuts 2024 Global Growth Forecast

Furthermore, the Covid-19 pandemic has increased borrowing costs and debt vulnerabilities in the region. Till the pandemic began, only five countries (Burundi, Eritrea, Ethiopia, Kenya and Seychelles) with debt-to-GDP ratios exceeding 50 percent. However, the pandemic has pushed the debt-to-GDP ratio of a lot more countries beyond the 50 percent threshold.

mama keita
Director of UNECA, Eastern Africa office

Speaking at the Intergovernmental Committee of Senior Officials and Experts, the Director of ECA in Eastern Africa, Ms. Mama Keita said that, looking at the data, for six countries in the region, more than 10% of export revenue and primary income was spent on debt servicing payments.

Focusing on the social and health implications of the pandemic, the report highlights that, the virus spread in the region has been low as compared to the rest of Africa. Albeit, it has exposed the critical gaps in the health systems of countries in the region.

More specifically, the gaps in regional health systems pertains to the inadequacies, financing and quality of the health system. Therefore, countries in the region were ill-prepared for pandemic.

“Most Eastern Africa economies spend less than US$50 percapita on health, which is less than half of the African average of US$114,” based on the 2017 data.

With such little resources committed to public health, it is evident that countries in the region could have faced severe risks including high mortality rates, in case of an upsurge in the spread of the virus.

Additionally, how handicapped the health systems of the region are, is seen in the shortage of healthcare workers in most of the countries (with less than 3 medical doctors per 10 000 inhabitants); seven countries in the region are far below the African average of 1.8 beds, which is way below the EU rate of 5.1 beds per 1000 inhabitants.

The report therefore recommends that maintaining a right balance and sequence of health and economic and social policy interventions continues to be critical.

It also stresses the impact of COVID-19 on education, leading to school closures that affected 96 million learners in Eastern Africa. Ms Keita stated that while many governments have introduced remote teaching strategies, access to technologies such as the internet, television, and radio is limited in low-income countries, especially among poorest households.

The report also highlights the importance that policy makers need to attach to digitalization and digital trade. The pandemic has heightened the benefits of a digital economy and the challenge of a digital divide. Therefore governments should invest in extending access to the digital infrastructure across the region to narrow the divide.

READ ALSO: East Africa: Policymakers collaborate to build resilience

Related Posts

Kegame Reshuffle Military Hierarchy
Africa

Kegame Reshuffle Military Hierarchy

June 7, 2023
Africa Has Technology and Innovation to Achieve Zero Hunger– Dr Adesina
Africa

Africa Has Technology and Innovation to Achieve Zero Hunger– Dr Adesina

June 7, 2023
Ghana’s Hope of Coming Out of Economic Quagmire Next Year Looks Gloomy As World Bank Cuts 2024 Global Growth Forecast
Economy

Ghana’s Hope of Coming Out of Economic Quagmire Next Year Looks Gloomy As World Bank Cuts 2024 Global Growth Forecast

June 7, 2023
Ghana's Economy Projected To Grow By 4.8% in 2025
Sub Top Stories

Ghana’s Economy Projected To Grow By 4.8% in 2025

June 7, 2023
GSE Gives Listed banks Up to April to File 2022 Audited Financial Statement
Securities/Markets

Joy Returns to GSE As Two Blue Chips Tilt the Benchmark Index to the North

June 7, 2023
Dr Bawumia Congratulates Ajay Banga for His Nomination As Next World Bank President
Economy

Non-Traditional Exports to Grow from US$2.5 billion to US$25.3 billion by 2029- Dr Bawumia

June 6, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Farmerline calls for multi-training techniques of Farmers

Next Post

Locally assembled cars; Nissan ready to meet demand

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Use of Single Currency will Promote African Economic Integration- Dr Yeo
Economy

Use of Single Currency will Promote African Economic Integration- Dr Yeo

by Stephen M.CJune 7, 2023
Gertrude Torkornoo Accepted As Chief Justice By Parliament
General News

Gertrude Torkornoo Accepted As Chief Justice By Parliament

by Samuel Y. OtibuJune 7, 2023
They Don’t Have Kobo, They’re All Sleeping Around – Sally Frimpong Mann Attacks
Entertainment

They Don’t Have Kobo, They’re All Sleeping Around – Sally Frimpong Mann Attacks

by Esther Korantemaa OffeiJune 7, 2023
Let’s Collaborate To Halt Climate Change– Lands Minister To Academia
General News

Let’s Collaborate To Halt Climate Change– Lands Minister To Academia

by Angeller AshongJune 7, 2023
UK’s Neptune Energy Involves in Acquisition Talks with ENI
Extractives/Energy

UK’s Neptune Energy Involves in Acquisition Talks with ENI

by Stephen M.CJune 7, 2023
Kegame Reshuffle Military Hierarchy
Africa

Kegame Reshuffle Military Hierarchy

by Sampson AnnorJune 7, 2023
Use of Single Currency will Promote African Economic Integration- Dr Yeo
Gertrude Torkornoo Accepted As Chief Justice By Parliament
They Don’t Have Kobo, They’re All Sleeping Around – Sally Frimpong Mann Attacks
Let’s Collaborate To Halt Climate Change– Lands Minister To Academia
UK’s Neptune Energy Involves in Acquisition Talks with ENI
Kegame Reshuffle Military Hierarchy
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In