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“This will result in a mismatch of expenditures and revenues, which will further widen the fiscal deficit and worsen member states’ debt position. The crisis has significantly eroded the fiscal space and debt-sustainability concerns are a growing challenge for member states. The risk of defaulting to service external debt is now high,” the report reads.
GDP growth in the region has been contracting. Recent data indicate GDP growth contracting by 4.8% last year, from growth of 2.1% in 2019. Only Malawi and Tanzania recorded growth rates below 5%.Covid-19 has also, according to the UN Conference on Trade and Development World Investment Report 2020, caused a decline in foreign direct investment last year, and the situation was likely to worsen this year as FDI is projected to decrease by a further 5% to 10%.
“In addition, investment initiatives for Africa by major developed and emerging economies could help the recovery. In 2019, FDI flows to Africa had already declined by 10% to $45 billion. Increased FDI flows to some of the continent’s major economies, including Egypt, were offset by reductions in others, such as Nigeria and South Africa.”FDI inflows to South Africa decreased by 15% to $4.6 billion in 2019. FDI to South Africa is mostly directed to mining, manufacturing and services .
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