COVID-19 Impact on Africa Economy Market Size, Share, Trends & Forecast to 2025

Africa is the second-largest continent by population and area globally. As per the International Monetary Fund, the GDP of the region was nearly $2.4 trillion in 2019. The region showed a growth of 3.2% in 2019 as compared to 3.4% in 2018. Earlier to the pandemic, the IMF has projected a growth of 3.8% of the region for 2020. The cases related to pandemic were comparatively less in the region. Till 11th April 2020, around 13,500 cases and 700 fatalities were registered in the region.

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Any country of Africa has not been affected similarly to the US, China, or a European country due to coronavirus, however; considerable increment in the number of infected people has been witnessed in the region in March 2020. South Africa, the largest economy of Africa has witnessed most cases due to the COVID-19 pandemic. More than 2,000 cases were registered in the region with 24 fatalities by 11th April. Egypt, Algeria, Morocco, Cameroon, Tunisia also witnessed significant cases due to the pandemic.

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On the basis of industry verticals, the impact of COVID-19 pandemic in Africa is studied into energy, healthcare, retail & e-commerce, agribusiness & food, aviation, construction, manufacturing, travel & tourism, and other verticals. Energy, aviation, and travel & tourism sectors are among the most affected vertical due to the COVID-19 pandemic in the region.

The key companies operating in Africa which are affected due to COVID-19 pandemic include EgyptAir, Ethiopian Airlines, Marriott International Inc., Sasol Ltd., Shell Petroleum Development Co., Shoprite Holdings Ltd., Steinhoff International Holdings NV, Sonatrach and so on. Companies have to shut down or reduce their operation due to lower demand in the region. For instance, the largest airline in Africa, Ethiopian Airlines has to suspend its operation for 87 destinations and around 80 airplanes of the company are grounded.

Segmentation

Energy
Healthcare
Retail & E-commerce
Agribusiness and Food
Aviation
Construction
Manufacturing
Travel and Tourism
Others (Electronics, ICT, Automotive)

Regional Analysis

South Africa
Egypt
Nigeria
Algeria
Morocco
Angola
Rest of Africa

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