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World Covid-19: The Mauritian economy suffers its worst economic performance in 40 years

08:20  06 april  2021
08:20  06 april  2021 Source:   rfi.fr

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Britain’s economy has seen its largest contraction in more than four decades, according to figures from the Office for National Statistics (ONS). The nation’s gross domestic product plunged further than expected, by 2.2 percent. That’s the biggest decline since the third quarter of 1979. The ONS had previously estimated a two percent drop, but it revised the figure after data showed a record 6.9 percent slump in March. According to recent ONS monthly figures, the economy nosedived by 20.4 percent in April, which is the largest drop in a single month since records began.

COVID - 19 could affect the global economy in three main ways: by directly affecting production, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. COVID - 19 is a disease caused by a specific virus (SARS-CoV-2) and labeled in the press “coronavirus” or “novel coronavirus.” Much about the disease is not currently known. While public health officials are still determining the medical impacts of the virus along with certain key characteristics, such as the incubation period, we believe the economic impact will in part depend on how the public reacts

Port-Louis, capitale de Maurice. © Wikimedia Commons Port-Louis, capital of Mauritius.

Model of Economic Success in Africa For decades, Mauritius suffers the consequences of the coronavirus pandemic. Industrial activities have a contraction of 15.2%, which translates into the Economic Economic of the island in 40 years. This is the consequence of the confinement of last year. And reconfining for a month, should accentuate this brutal economic slip.

of our correspondent in Port Louis, Abdoolah Early

with an economy still carried by growth from the 1980s boom, a contraction of this magnitude is a source of great concern. The decline is estimated at 15.2%. Never seen for 40 years, despite several economic shocks, such as the end of the multifiber agreements in 2005 and the 2008 global financial crisis.

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The Covid - 19 pandemic will likely slow South Asia’s once-bustling economies to the lowest level seen in decades, the World Bank has warned in its latest report. The rapid spread of the virus and its aftermath for the global economy are so unprecedented that it ’ s hard to make an accurate projection, the World Bank said in its South Asia Economic Focus report, which presented a range forecast, rather than a point forecast, for the first time. The slowdown is expected to be seen in each of the region’s eight countries, with growth projected to range between 1.8 and 2.8 percent this year

The COVID - 19 pandemic has spread with alarming speed, infecting millions and bringing economic activity to a near-standstill as countries imposed tight restrictions on movement to halt the spread of the virus. These downturns are expected to reverse years of progress toward development goals and tip tens of millions of people back into extreme poverty. Emerging market and developing economies will be buffeted by economic headwinds from multiple quarters: pressure on weak health care systems, loss of trade and tourism, dwindling remittances, subdued capital flows, and tight financial conditions

The Pandemic of Covid-19 looks like a budget with an economic model. Of all the industries, it is tourism that lives the darkest moments. He represented before the pandemic a quarter of the gross domestic product, and guaranteed 125,000 direct and indirect jobs. Its activities dropped by 67%. The consequences in everyday life are unemployment that has now crossed the 10% mark and financial difficulties for three in four Mauritian families.

as a life plan, the Bank of Mauritius injected into the economies $ 2 billion drawn from reserves that it made carefully fructify since the independence of the island.

► to read also: boundaries and closed schools on Mauritius after the return of COVID-19

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