2020 will remain forever etched in the history of humankind. Economic and financial activity was severely disrupted by the scale of the damage caused by the many restrictive measures introduced by States to contain the spread of COVID-19. Throughout the year, air transport was disrupted, tourism was brought to a standstill, and businesses operated at a slower pace.

As a result, most economies were plunged into unprecedented instability. Forecasts released by the International Monetary Fund (IMF) in October 2020 indicated that global economic activity would undergo a severe recession in 2020, with output declining by 4.4%, following growth of 2.9% in 2019.

Growth in sub-Saharan Africa was also hit hard by the pandemic. It was expected to contract sharply between 2019 and 2020, dropping from 2.4% to -5.1%, pushing the region into its first recession in more than 25 years, according to the latest edition of Africa’s Pulse, the World Bank’s semi-annual report.

Read the full analysis by Adrien DIOUF, Director of UMOA-Titres, in the editorial of this issue.