AfDB Laments Drop Of Africa’s GDP by $165b in 2020

A $165 billion drop in Africa’s Gross Domestic Product (GDP) pushed 26 million people into poverty in 2020, African Development Bank (AfDP) President Dr. Akinwunmi Adesina has said.

The AfDB chief said the dwindling economic fortunes on the continent pushed 30 million people into unemployment within the period.

Dr. Adesina spoke at the 35th Ordinary Session of the Assembly of the African Union (AU) in Addis Ababa, the Ethiopian capital.

Applauded by African leaders for effectively steering the continent safely from the harsh impacts of the COVID-19 pandemic, Adesina cautioned against outsourcing security of the continent to foreigners.

He stressed the need for leaders to protect lives by building healthcare infrastructure and vaccine producing factories.

Adesina said: “It has been a global economic cyclone. Africa witnessed a decline in GDP growth of 2.1 per cent in 2020, its lowest in 20 years. Africa’s GDP fell by $165 billion. Over 30 million jobs were lost and over 26 million people fell into extreme poverty.

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