COVID-19 and Socioeconomic Crises in Africa: Overview of the Prevailing Incidents
Keywords:socioeconomic crisis, economic risk, COVID-19, Africa
The study gives an overview of the socio-economic consequences and implications of the COVID-19 outbreak in Africa. While it is common knowledge that the damage caused by the pandemic to the global economy is real, the existing socio-economic crises in Africa could further degenerate. What remains salient is that the huge economic costs would be borne by regions bereft of strong institutional regulatory setup and proactive approach to effectively ameliorate the impact of the outbreak, in both short-run and long-run, to bounce back in relation to the magnitude of the shocks suffered. It is indeed affirmed that in most sub-Saharan African (SSA) countries, such resilient measures seem to be absent or non-existent. Given the degree of behavioral responses and attendant vulnerabilities generated, African socio-economic problems may be potentially exacerbated with the majority of the population face severe hardships in the continent, as socio-economic conditions could be worsened by the COVID-19 pandemic. Thus, the immediate policy option for African countries is to address the prevalent health challenge in the continent; strengthen health services for effective restructuring; and put in place well-defined stimulus measures to aid in the resurgence of economic growth. Although the use of good and tested vaccines should be encouraged to curb the spread of COVID-19 in Africa, developed countries’ support, and global coordination and cooperation are essential to curtail the economic damage and to facilitate robust recovery and development trajectory globally.