Africa faces first recession in 25 years

Addis Ababa, March 3 : The African continent has faced its first economic recession in 25 years due to the impact of the Covid-19 pandemic, according to the UN Economic Commission for Africa (UNECA) report.
The report, entitled “Building Forward for an African Green Recovery Report”, that was published late Monday highlighted the continent’s bold post-Covid-19 pandemic recovery strategy, reports Xinhua news agency.
The report findings revealed that the continent faced its first recession in 25 years, with output losses estimated to be $99 billion.
The impact of the pandemic is compounded by climate impacts on economic output projected to cause annual losses of between 3-5 per cent of the GDP by 2030 under a business-as-usual scenario, according to the report.
The report, among other things, seeks to bolster the continent’s valiant quest for the realization of the Sustainable Development Goals (SDGs), attainment of the Paris Agreement’s climate change targets and achievement of the prosperity objectives articulated in Africa’s 50-year development Agenda 2063.
The report called for the uptake of nature-based solutions at national, regional and continental levels to inspire policies that preserve global commons.