COVID-19 and Socioeconomic Crises in Africa: Overview of the Prevailing Incidents

Forthcoming. Regional Economic Development Research. DOI: 10.37256/redr.2320211017

18 Pages Posted: 28 Dec 2020 Last revised: 23 Sep 2021

See all articles by Fisayo Fagbemi

Fisayo Fagbemi

Independent

Simplice Asongu

African Governance and Development Institute

Date Written: December 25, 2020

Abstract

The study gives an overview of the socio-economic consequences and implications of the COVID- 19 outbreak in Africa. While it is of common knowledge that the damage caused by the pandemic to the global economy is real, the existing socio-economic crises in Africa could further degenerate. What remains salient is that the huge economic costs would be borne by regions bereft of strong institutional regulatory setup and proactive approach to effectively ameliorate the impact of the outbreak, in both short-run and long-run, to bounce back in relation to the magnitude of the shocks suffered. It is indeed affirmed that in most sub-Saharan African (SSA) countries, such resilient measures seem to be absent or non-existent. Given the degree of behavioral responses and attendant vulnerabilities generated, African socio-economic problems may be potentially exacerbated with the majority of the population facing severe hardships in the continent.

Keywords: Socioeconomic crisis, economic risk, COVID-19, Africa

Suggested Citation

Fagbemi, Fisayo and Asongu, Simplice, COVID-19 and Socioeconomic Crises in Africa: Overview of the Prevailing Incidents (December 25, 2020). Forthcoming. Regional Economic Development Research. DOI: 10.37256/redr.2320211017, Available at SSRN: https://ssrn.com/abstract=3755217 or http://dx.doi.org/10.2139/ssrn.3755217

Fisayo Fagbemi

Independent ( email )

Simplice Asongu (Contact Author)

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413
Cameroon

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