Innovative African Countries Will Quickly Recover From COVID-19: Experts

African countries that respond in innovative ways and make structural changes to their economies will recover quickly, global risk and strategy consultancy Control Risks said on Tuesday.

Barnaby Fletcher, Associate Director of Control Risks, said this when launching the Africa Risk Reward Index 2020, which examines the long-term implications of COVID-19 in Africa.

“The COVID-19 pandemic is a global crisis, but Africa’s recovery will be slower and more uneven than most. However, this recovery will be an opportunity for governments across the continent to address structural constraints and promote new solutions, ”said Fletcher.

He called on African countries to diversify their economies.

Fletcher believes that Africa will experience its first recession in 25 years, while the economic recovery will be driven by the private sector.

Jacques Nel, head of Africa Macro at NKC African Economics, said the response of individual countries will also determine how they recover from the pandemic.

“The economic impact of COVID-19 will be varied but the recovery will be even more so. Optimists will expect to see a race to the top as governments undertake desperately needed reforms, while pessimists will see a setback on the continent for more than a decade, “said Nel.

He said that South Africa will have to tackle the energy sector characterized by reduced loads.

South Africa must restore business and consumer confidence and restructure the economy. She noted that the government will have to draw up a recovery plan and convince the private sector of its plan, she said.