A paper written on 19 March by Prof. Kelly Kingsly, Regional Advisory Commision on Financial Markets
Abstract
When China sneezes the world catches a cold is a statement that is true today more than ever before. The outbreak of the COVID-19 has had far reaching consequences around the world as almost every component of society is greatly affected in one way or the other .The impact transcends through culture, politics, history, economic, health and even the distortion of the historical landscape. If anyone doubted the super power position of China, COVID-19 has given us the opportunity to rethink.
Economically, the ban of flights and limited movements in and out of the country has impaired the positive evolution of the financial markets naturally tilting the growth curve towards continues low.
Food supplies, medication, importation and most especially commodity prices are on their all-time low. On the health side with extraverted African economies is meting towards short falls , at the central African sub region, rating institutions are projecting a 4.1% drop in consumer goods as import is greatly affected . The United Nations said it now estimates Africa’s GDP rate will fall from 3.2 percent to 1.8 percent this year.
In order for Africa to meet its global targets under the UN’s Sustainable Development Goals, economists say Africa must grow at a minimum of 8 percent.
The novel COVID-19 has infected more than 94,800 people in at least 77 countries (see chart), bringing global manufacturing supply chains to a grinding halt and causing a slowdown in key service sectors such as tourism, transport, and recreation.
While the virus will cause exports from Cameroon to China and Italy to fall, policymakers must see the negative implications of the virus as a trigger to incentivise higher value-added products such as components for computers and solar panels, consumer products such as cornflakes, packaged salmon, potatoes and cornflower, which are all appropriate for an increasingly climate-centric global consumer.
Keywords: [comma separated]COVID-19, Coronavirus, China, UNESCO, CEMAC, world bank, IMF, finance, market analysis, solutions, African countries, sub-Saharan countries, budget impact
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