The World Bank says the global economy is facing its deepest recession since World War II as a result of the coronavirus pandemic. Advanced economies are set to shrink 5 percent, while emerging economies are facing their first contraction in decades. Franziska Ohnsorge, lead author of the 2020 Global Economic Prospects report, tells FRANCE 24 that millions of people working in an informal capacity could slip into poverty despite government support. Also in the show: BP announces plans to slash 10,000 jobs as OPEC extends its oil production cuts.
As South Africa and Nigeria’s government deliberates on easing lock-down restrictions and re-opening the economy, the bank of Ghana has left rates unchanged and the South African reserve bank is expected to cut rates again this week, for the third time this year. Joining CNBC Africa to unpack the Covid-19 economic ramifications on Sub-Saharan African economies is Ridle Markus, Africa Strategist at Absa Corporate and Investment Banking.