{"id":162059,"date":"2022-06-13T14:40:25","date_gmt":"2022-06-13T14:40:25","guid":{"rendered":"https:\/\/www.one.org\/africa\/covids-aftershocks-the-global-economy-hasnt-done-this-in-80-years\/"},"modified":"2024-01-19T10:30:34","modified_gmt":"2024-01-19T10:30:34","slug":"covid-aftershocks-global-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.one.org\/africa\/stories\/covid-aftershocks-global-economic-recovery\/","title":{"rendered":"COVID’s Aftershocks: The global economy hasn\u2019t done this in 80 years"},"content":{"rendered":"

Top news<\/h2>\n

Must read from ONE:\u00a0<\/strong>Did you know solving global hunger could cost half of what we spend on pet food? To understand the impacts, drivers and solutions to the food crisis\u00a0check out our new data dive.<\/p>\n

A 5 Point Plan to End the Pandemic:\u00a0<\/strong>We got fed up waiting for world leaders to come up with a plan to end the pandemic. So we wrote our own.\u00a0Read it here.<\/p>\n

Getting worse:\u00a0<\/strong>The World Bank\u00a0slashed<\/a>\u00a0its economic growth projections and cautioned that things could get even worse. The global economy is now predicted to grow 2.9% rather than 4.1% this year, down from 5.7% in 2021. This would mark the\u00a0sharpest deceleration<\/a>\u00a0in a post-recession recovery in 80 years. The bank faults the pandemic and Russia\u2019s war in Ukraine for the slowdown. Low-income countries will be the hardest hit, with their economies likely to be nearly 5% below pre-pandemic trends. The global economy could be entering \u201ca protracted period of feeble growth and elevated inflation\u201d \u2014 aka stagflation \u2014 the bank warns.<\/p>\n

An illusion of choice:<\/strong>\u00a0The US government is\u00a0warning<\/a>\u00a0African countries that Russia may attempt to trade up to $100 million worth of stolen Ukrainian wheat. At least three Russian ships with stolen wheat have been identified and are expected to head to countries facing severe food crises. Most of the nearly 150 million people suffering crisis level food insecurity\u00a0or worse<\/a>\u00a0are in Africa. Meanwhile, extreme weather, Russia\u2019s war, and the pandemic have\u00a0caused\u00a0<\/a>a global shortage of fertiliser. This is the setting in which Senegalese President and current African Union Chairperson Macky Sall met with Russian President Vladimir Putin, where Sall seemingly\u00a0overstated<\/a>\u00a0Africa\u2019s support for Russia\u2019s actions in Ukraine. But his appearance was yet another warning to European and North American governments about their weak standing with African countries, especially after the West\u2019s self-interested pursuit of vaccines and profits during the pandemic.<\/p>\n

To learn more about how the food crisis is impacting Africa and what leaders must do ahead of the G7 Summit,\u00a0<\/strong>tune into our ONE Talks event<\/strong>\u00a0on Monday, 13 June.\u00a0<\/strong><\/p>\n

The air we breathe:\u00a0<\/strong>Higher atmospheric pollution may\u00a0be linked to<\/a>\u00a0higher levels of severe COVID-19 infection. The likelihood of ICU admission and death increased significantly in areas with high levels of the pollutant nitrogen dioxide gas. The gas is emitted by the burning of fossil fuels, and inhibits the lung\u2019s ability to transfer oxygen to the blood. COVID vaccination continues to provide higher levels of protection against severe infections, according to analysis\u00a0that suggests<\/a>\u00a0two-thirds of the world had COVID-19 antibodies as of February 2021.<\/p>\n

Coming up short:\u00a0<\/strong>Oxfam is calling for an\u00a0innovative<\/a>\u00a0approach to climate disaster financing for COP27: mandatory reparations from countries that have contributed the most to climate change. UN humanitarian responses to extreme weather have seen a funding\u00a0shortfall<\/a>\u00a0of up to $33 billion over the past five years, according to Oxfam. Only 54% of required funds have been provided, while funding needs have increased eightfold. Meanwhile, African activists\u00a0called for<\/a>\u00a0a Fossil Fuel Non-Proliferation Treaty at last week\u2019s Stockholm 50+ conference, urging African countries to turn to renewables to power their development.<\/p>\n

Climate (in)action:<\/strong>\u00a0G7 climate ministers\u00a0recently pledged<\/a>\u00a0to end all overseas fossil fuel funding, a move not everyone,\u00a0including<\/a>\u00a0a former UN climate envoy, agrees with. The ministers also agreed to ramp up financial support for economically disadvantaged countries that want to shift to green energy. Rich countries have yet to meet the $100 billion climate finance commitment they made 13 years ago. Germany and Canada have been tasked with working on a \u201c$100 billion delivery plan.\u201d<\/p>\n

An alarming find<\/strong>: Pregnant women with COVID-19 were 2.4 times\u00a0more likely<\/a>\u00a0to need intensive care and twice as likely to die, compared with non-pregnant women with COVID-19, according to a new study conducted in six African countries. Pregnancy is considered an immunocompromising condition, making vaccinations particularly important for expecting mothers. The risk of death for pregnant women with COVID-19 was five times greater than for pregnant women without COVID-19. This was higher than similar studies conducted in other regions, highlighting the risks posed by weak health systems in many African countries.<\/p>\n

Lobbying largesse:\u00a0<\/strong>The AfDB is seeking to\u00a0increase its profile<\/a>\u00a0in Washington DC to garner greater financial support from the US Congress. The bank aims to raise $24 billion this year. The US is the second largest shareholder and the only one with a seat on the board, but the AfDB remains one of the few regional institutions without a DC office. Still, $380 million remains in unmet US commitments from previous years. Former USAID Deputy Assistant Administrator turned lobbyist Jennifer Mack says she wants to raise awareness of AfDB\u2019s projects and their importance.<\/p>\n

Ship, sailed:\u00a0<\/strong>Nigeria has\u00a0called off<\/a>\u00a0plans to raise nearly $950 million from Eurobonds after missing the window for approval as the government waited out poor market pricing. The sales were intended to address the budget deficit, which is forecast to exceed\u00a0N$7.3 trillion<\/a>. The government intends to use IMF Special Drawing Rights for some parts of the budget related to project funding. Nigeria\u2019s debt\u00a0is expected<\/a>\u00a0to hit N$45 trillion in 2022.<\/p>\n

Borderline:<\/strong>\u00a0Intracontinental trade needs to be\u00a0reinforced<\/a>\u00a0with policy measures at national and continental levels to target tariff and non-tariff barriers, according to the recent African Continental Free Trade Agreement (AfCFTA) Business Survey. Border issues, including unauthorised charges, customs procedures, and additional fees, continue to impede private sector trade within Africa, despite the passage of AfCFTA in January 2021. Intracontinental trade is forecast to\u00a0more than double<\/a>\u00a0to 33% once full tariff liberalisation is implemented.<\/p>\n

Radical incrementalism:<\/strong>\u00a0At a Pandemic Action Network event, ONE\u2019s David McNair challenged advocates and activists to check their assumptions and the stories they tell if they are going to create the necessary political will to address the existential crises of our time. David shared, \u201cWe need to think in radical incrementalism. A radical vision, but with specific steps. Telling the broader story is important\u2026 Now, we just jump to outrage,\u201d but we need to tell stories to align values. ? If you missed the event,\u00a0watch the recording<\/a>\u00a0(passcode: 6MR8O2P#).<\/p>\n

The numbers<\/h2>\n