Browsing: LDCs

The world has not experienced any tragedy-inducing phenomenon to its economy since the Second World War but now that time is upon us.

Covid-19 is however proving to be the wonder virus that will push the global economy into its deepest recession.

World Bank numbers showed that the global economy shrunk by 5.2 per cent in 2020 with its sister institution, the IMF, saying that the world economy has started to recover but warned that the return to pre-pandemic levels will be long, uneven, and uncertain.

Read: Pharmaceuticals, Tanzania’s New Investment Front

Projections show that the African economy will not be spared and that economies should brace for tough times before they pick up if- and when- the virus is successfully managed. For starters, Africa will be among the last to receive the much-hailed Covid-19 vaccines meaning that much more will be delayed economically unless something divine happens.

The continent …

The United Nations Conference on Trade and Development (UNCTAD) is calling for debt deal for developing nations in face of the Covid-19 coronavirus.

UNCTAD, in a report titled From the Great Lockdown to the Great Meltdown: Developing Country Debt in the Time of Covid-19, notes that the virus outbreak came at a time when developing economies have already been struggling with unsustainable debt burdens for many years.

Coronavirus: African leaders stuck with neglected, outdated healthcare systems

The report notes that if the challenges are huge in advanced economies, they are enormously more daunting in developing economies.

“While advanced country governments struggle to revamp administrative and regulatory frameworks and to break ideological taboos, developing countries cannot easily flatten the contagion curve by closing down their largely informal economies without facing the prospect of more people dying from starvation than from the Covid-19 illness. Moreover, even the most advanced high-income developing …