A UN report released on May 12 projects the global economy to contract by 3.2% this year.
The report known as the “World Economic Situation and Prospects (WESP) mid-2020” also adds, growth in developed economies will plunge to 5.0% this year, before picking up next year.
Now, most of those developing countries are in Africa and their economies are already facing a hard and harsh impact from the coronavirus.
One of the reasons being that many countries on the continent have what is called mono product based economies.
The oil and gas industry for instance contributes about 65% of Nigeria’s Government revenue and 88% of the country’s foreign exchange earnings.
