President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has warned that another 39 million people in the continent could fall into poverty at the end of this year.
Adesina stated this at the ongoing virtual Africa Singapore Business Forum. He said the 39 million people could pass on as an added number to 30 million individuals rendered poor by the COVID-19 pandemic.
According to him, the “people impact” is the worst negative consequence of the pandemic, with 30 million jobs lost and inflation spiraling out of control.
“The debt also began to accumulate. The debt to gross domestic product (GDP) went up to between 60 and 70 per cent. But that is just on the financial side. I am more bothered about the people’s impact,” he noted.
On the bright side, he said 85 per cent of operators in the special economic zones of Africa believed that the foreign direct investment (FDI) flow to the continent would rise significantly again while 90 per cent…
Source: Guardian Newspaper