Browsing: COMESA Monetary Institute

COMESA region expected to grow at 0.6%

The COMESA region economy is expected to grow at 0.6 per cent this year from 5.2 per cent in 2019 and 6.0 in 2018 according to a report by COMESA Monetary Institute (CMI)

The slight decrease in 2019 was caused by low commodity prices while the expected slump this year will be caused by the devastating impact of the pandemic resulting in toa deeper economic contraction for the COMESA region.

According to the report, the expected contraction of the regional economy will be driven by the decline in global demand and regional spillovers, the impact of containment measures, the impact of multiple shocks and the external financial constraint.

Economic activities have been disrupted by COVID -19 mitigation measures including quarantines, lockdowns, travel restrictions, border closures among other measures which have also led to mass unemployment and loss of livelihoods, especially in the informal sector the report said.

“Decline in global …