Browsing: Informal economy in Africa

Africa, the continent of more than 1.3 billion people has experienced its share of the coronavirus (COVID-19), which shaved off crucial portions of the continent’s economy (tourism, trade and travel) leading to funding holes, debt burden and propelling unemployment and inequalities.  

There are several projections laid out benching on Africa’s economic trend. According to UN estimates, African countries have so far lost an estimated US$29 billion due to the pandemic.  

Meanwhile the United Nations Economic Commission for Africa (ECA) pinned its forecast noting the virus will shave 1.4 per cent off Africa’s $2.1 trillion GDP, hurting the continent’s business landscape. 

Despite the pandemic eviscerating this year’s plans of enhancing tourism and travel horizons for East Africa’s hotbed Tanzania and Kenya, the African Development Bank (AfDB) finds the region undeterred in the face of the pandemic , as it becomes