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Africa’s Economy Fell Short By $165bn In 2020 – AfDB

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The African continent has been hit by dwindling economic fortunes as a result of which its Gross Domestic Product (GDP) declined by $165 billion in 2020.
President of the African Development Bank (AfDP), Dr Akinwunmi Adesina, disclosed this at the 35th Ordinary Session of the Assembly of the African Union (AU) in Addis Ababa, the Ethiopian capital.

Adesina further disclosed that over 30 million jobs were lost while 26 million persons fell into extreme poverty within the period.

While applauding leaders of African countries for effectively steering the continent safely away from the harsh impacts of the COVID-19 pandemic, Adesina warned against outsourcing Africa’s security to foreigners.

He stressed the need for Africa to protect African lives by building healthcare infrastructure and vaccine manufacturing.

“It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1% in 2020, its lowest in twenty years. Africa’s GDP fell by $165 billion.

“Over 30 million jobs were lost and over 26 million people fell into extreme poverty.

“Your Excellencies, we must learn from this experience. Africa can no longer outsource the security of the lives of its 1.4 billion people to the benevolence of others. We must secure African lives!

“It is time your Excellencies, to build Africa’s healthcare defense system. This must be based on three strategic priorities. First, building Africa’s quality healthcare infrastructure. Second, building Africa’s pharmaceutical industry and third, building Africa’s vaccine manufacturing capacity.

“Africa needs $600 million to $1.3 billion to meet its goal of attaining 60% vaccine production by 2040. Investing in health is investing in national security.”

“The African Development Bank plans to invest $3 billion to support pharmaceutical and vaccines manufacturing capacity for Africa.” economic fortunes as a result of which its Gross Domestic Product (GDP) declined by $165 billion in 2020

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