Impact of COVID-19 on Africa Economy Size, Share, Analysis, Industry Report and 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. However, as per the WHO, some countries in Africa could witness considerable growth in COVID-19 cases in the near future. The WHO has advised the African countries to increase their COVID-19 testing capacity.

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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. As per a World Bank report, due to the COVID-19, Africa's GDP is expected to shrink by 2.1% to 5.1% with a loss of $37 billion to $57 billion in 2020.

Geographically, the report analyzes the effect of COVID-19 spread on major economies of the region including South Africa, Egypt, Nigeria, Algeria, Morocco, Angola and the rest of Africa. Due to the sudden increase in cases in South Africa, a three week nationwide lockdown was introduced on 27th March. On 10th April, the president has announced that the lockdown will extend further to limit the COVID-19. Many other countries of Africa are also in a complete or partial lockdown to prevent the spread of the virus.

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. The company has sent thousands of its employees on paid as well as unpaid leave from 3rd April to 2nd July 2020.

Market 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

Companies Profile

• EGYPTAIR Holding Co.
• Ethiopian Airlines Group
• Sonangol EP Exxon Mobil Corp. (MPN & EEPNL)
• Marriott International Inc.
• Massmart Holdings Ltd.
• Mobil Producing Nigeria Unlimited (MPN)
• Royal Air Maroc
• Sasol Ltd.
• Shell Petroleum Development Company of Nigeria Ltd.
• Shoprite Holdings Ltd.
• SONATRACH SPA
• Steinhoff International Holdings NV
• The Bidvest Group Ltd.
• Tsogo Sun Hotels Ltd.

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