The 30 countries with growing economies despite the pandemic
The coronavirus pandemic infected millions of people and caused governments to take confinement measures.
In a recent report, the World Bank warned that the COVID-19 pandemic would cause the most massive global economic crisis since at least 1870. The bank warns a drastic increase in poverty levels around the world.
However, 30 countries will experience growth this year.
Guyana, a neighboring country of Brazil, is expected to display more than 50% growth this year, which will be the largest globally. It is the result of the beginning of oil exploitation, although crude oil fell to one of the lowest levels ever. The nation will also be the only one to grow in Latin America and the Caribbean.
East Asia and the Pacific will show a 0.5% growth, mainly due to China. However, the Asian giant is expected to grow by only 1%, a low rate compared to previous years.
Despite this, the World Bank expects world GDP to decline by 5.2% this year, more than double that of the 2008 financial crisis.
Countries of Sub-saharan Africa
Most of the countries that will grow this year are in sub-Saharan Africa.
Despite their dependence on exports of industrial products (metals, minerals, and oil), these nations are less integrated into world trade. They are more dependent on agriculture, which could provide some kind of isolation. According to economists, this fact protects them from the serious global effects of the fall in external demand.
However, even for economies that are expected to expand in 2020, growth will be much lower than the trend. Besides, there are other factors at play, according to economists.
Covid-19 outbreaks in these countries were lower than in other regions. Also, stay-at-home restrictions were, on average, 10% less stringent.
“However, one of the main risks to the outlook in Sub-Saharan Africa is that these domestic outbreaks will not be controlled and will increase in size.
Given the weak healthcare systems, a longer pandemic with more massive outbreaks can be devastating for the region’s activity.
In the negative scenario, the number of economies in Sub-Saharan Africa will fall by 75% in 2020.
Emerging and developing countries expected to grow in 2020 (GDP):
East Asia and the Pacific
China (1%), Laos (1%), Myanmar (1.5%) and Vietnam (2.8%)
Europe (excluding the EU) and Central Asia
Latin America and the Caribbean
The Middle East and North Africa
Djibouti (1.3%), Egypt (3%)
South of Asia
Bangladesh (1.6%), Bhutan (1.5%), Nepal (1.8%)
Benin (3.2%), Burkina Faso (2%), Burundi (1%), Central African Republic (0.8%), Ivory Coast (2.7%), Ethiopia (3.2%), Gambia (2.5%), Ghana (1.5% ), Guinea (2.1%), Kenya (1.5%), Malawi (2%), Mali (0.9%), Mozambique (1.3%), Niger (1%), Rwanda (2%), Senegal (1.3% ), Tanzania (2.5%), Togo (1%), Uganda (3.3%).
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