World Bank Foresees Shrinking Economic Impact In Ebola Affected Countries

World Bank president  Dr. Jim Yong Kim has expressed concern that the Ebola epidemic continues to cripple the economies of Guinea, Liberia, and Sierra Leone

A World Bank release issued by its Monrovia office said due to the troubling situation, it is projected to result in negative or contracting growth in these countries next year as they work to eradicate the virus.

According to the release, a report update from the World Bank on the economic effects of the Ebola crisis on the three hardest-hit countries, GDP growth estimates for 2014 have been revised sharply downward since pre-crisis estimates to 2.2 percent for Liberia (versus 5.9 percent pre-crisis and 2.5 percent in October).

“This report reinforces why zero Ebola cases must be our goal. While there are signs of progress, as long as the epidemic continues, the human and economic impact will only grow more devastating,” said Jim Yong Kim, President of the World Bank Group.

The report also finds that the total fiscal impact is more than half a billion dollars in 2014 alone, imposing additional budget needs of more than 6.0 percent of GDP in Liberia, more than 3.0 percent in Guinea, and more than 2.5 percent in Sierra Leone.

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