Answer to Question #310495 in Management for Paballo

Question

State whether the following statement is true or false. The COVID-19 pandemic may have influenced GDP through a decline in manufacturing production, mining production, retail trade and rising unemployment.

Answer 1

Yes, it is true because the looming health shock of COVID-19 could have disastrous impacts on the continent’s already strained health systems, and could quickly turn into a social and economic emergency. The most recent forecasts project a GDP contraction in most countries in 2020, the first in 25 years. The UN estimates that nearly 30 million more people could fall into poverty, and the number of acutely food-insecure people could significantly increase.