{"id":7020,"date":"2020-04-14T17:08:58","date_gmt":"2020-04-14T17:08:58","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=7020"},"modified":"2020-04-14T17:08:58","modified_gmt":"2020-04-14T17:08:58","slug":"world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects","title":{"rendered":"World Bank hails Africa countries response to Coronavirus fight, cautions on economic effects"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> The World Bank has urged African countries to adopt \u201ca customized policy response to reflect the structure of African economies\u201d as they struggle to contain the coronavirus pandemic.<\/p>\n

In the report released on April 9, the World Bank says while adopting the lockdown is a commendable strategy in containing the spread of the pandemic, it is necessary to strike a balance between the impact of the restrictions on the economies of developing countries.<\/p>\n

\u201cIn addition to containment measures, we have seen that in responding to COVID-19, countries are opting for a combination of emergency fiscal and monetary policy actions with many central banks in the region taking important actions like cutting interest rates and providing extraordinary liquidity assistance,\u201d said Albert Zeufack, Chief Economist for Africa at the World Bank.<\/p>\n

\u201cHowever, it is important to ensure that fiscal policy builds in space for social protection interventions, especially targeting workers in the informal sector, and sows the seed for future resilience of our economies,\u201d he added.<\/p>\n

Several African countries have reacted quickly and decisively to curb the potential influx and spread of the coronavirus, very much in line with international guidelines.<\/p>\n

However, the report points out several factors that pose challenges to the containment and mitigation measures, in particular the large and densely populated urban informal settlements, poor access to safe water and sanitation facilities, and fragile health systems. Ultimately, the magnitude of the impact will depend on the public\u2019s reaction within respective countries, the spread of the disease, and the policy response. And these factors together could lead to reduced labor market participation, capital underutilization, lower human capital accumulation, and long-term productivity effects.<\/p>\n

\u201cThe immediate measures are important but there is no doubt there will be need for some sort of debt relief from bilateral creditors to secure the resources urgently needed to fight COVID-19 and to help manage or maintain macroeconomic stability in the region,\u201d said Cesar Calderon, Lead Economist and Lead author of the report.<\/p>\n

While most countries in the region have been affected to different degrees by the pandemic, real gross domestic product growth is projected to fall sharply particularly in the region\u2019s three largest economies \u2013 Nigeria, Angola, and South Africa\u2014 as a result of persistently weak growth and investment.<\/p>\n

In general, oil exporting-countries will also be hard-hit; while growth is also expected to weaken substantially in the two fastest growing areas\u2014the West African Economic and Monetary Union and the East African Community\u2014due to weak external demand, disruptions to supply chains and domestic production. The region\u2019s tourism sector is expected to contract sharply due to severe disruption to travel.<\/p>\n

The COVID-19 crisis also has the potential to spark a food security crisis in Africa, with agricultural production potentially contracting between 2.6% in an optimistic scenario and up to 7% if there are trade blockages. Food imports would decline substantially (as much as 25% or as little as 13%) due to a combination of higher transaction costs and reduced domestic demand.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: The World Bank has urged African countries to adopt \u201ca customized policy response to reflect the structure of African economies\u201d as they struggle to contain the coronavirus pandemic. In the report released on April 9, the World Bank says while adopting the lockdown is a commendable strategy in containing the spread of the pandemic, […]<\/p>\n","protected":false},"author":84,"featured_media":7021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[1683,3337],"class_list":["post-7020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-coronavirus","tag-hafez-ghanem"],"yoast_head":"\nWorld Bank hails Africa countries response to Coronavirus fight, cautions on economic effects - Tanzania<\/title>\n<meta name=\"description\" content=\"The World Bank has urged African countries to adopt \u201ca customized policy response to reflect the structure of African economies\u201d as they struggle\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank hails Africa countries response to Coronavirus fight, cautions on economic effects\" \/>\n<meta property=\"og:description\" content=\"The World Bank has urged African countries to adopt \u201ca customized policy response to reflect the structure of African economies\u201d as they struggle\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-14T17:08:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/04\/IMG_20200413_234354.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"998\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"World Bank hails Africa countries response to Coronavirus fight, cautions on economic effects\",\"datePublished\":\"2020-04-14T17:08:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects\"},\"wordCount\":506,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/04\/IMG_20200413_234354.jpg\",\"keywords\":[\"Coronavirus\",\"Hafez Ghanem\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/world-bank-hails-africa-countries-response-to-coronavirus-fight-cautions-on-economic-effects\",\"name\":\"World Bank hails Africa countries response to Coronavirus fight, cautions on economic effects - 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