The Economic Community of West African States (ECOWAS) says the economic growth of the region may drop by 1.3% if the coronavirus pandemic ends in June.
In a statement after the virtual summit held by the sub-regional heads on Thursday , the organisation said it had initially projected the growth rate at 3.3%, but it may fall to 2%.
The regional organisation said it is concerned with the negative social, economic, financial and human security impact of COVID-19 on all member states.
“The Authority noted the forecasts which indicate that the economic growth rate, initially projected at 3.3%, would fall to 2% if the pandemic were to end in June 2020,” the organisation said.
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“It would fall to -2.1% assuming that the region had not taken adequate measures to slow down the spread of the virus and if the pandemic continues beyond the second half of 2020 as projected by IMF.
“The Authority also took note of the estimated overall reduction of financial resources for the whole economy occasioned by the pandemic at the regional level.
“The Summit decided that the containment, prevention and fight against COVID-19 remain a major priority. In this regard, they reaffirmed their determination and willingness to do everything possible to protect citizens and residents of the Community and combine their efforts to find a lasting solution to the health crisis.”
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ECOWAS added that its member states have reaffirmed their commitment to continue their joint and coordinated efforts in fighting against the disease and to take the appropriate measures in reviving the economies.
According to the West African Health Organisation (WAHO) daily update on Thursday, the region has 6,525 confirmed cases and 1,968 recoveries and 170 deaths.
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