Browsing: East Africa Regional Economic Outlook 2020.

East Africa holds its ground as Africa’s fastest growing region

East Africa’s growth projection for 2020 has been pushed down to 1.2 per cent, a rate that outstrips other African regions and is forecast to rebound to 3.7 per cent in 2021, according to the African Development Bank East Africa Regional Economic Outlook 2020.

The projection is under the baseline scenario that assumes the virus is contained by the third quarter of 2020.

Before the COVID-19 pandemic, East Africa’s economic growth was projected to be more than 5 per cent, which is above Africa’s average of 3.3 per cent and the global average of 2.9 per cent. However, COVID-19 and locust invasion have contributed to job losses, increased humanitarian needs and will lead to poverty and income inequality.

If the pandemic persists until the end of 2020, growth is projected at 0.2 per cent which is still above Africa’s predicted average of -1.7 per cent and -3.4 per cent under …