"All The Jobs Are Gone" - Africa Facing 'Complete Economic Collapse' As Virus Spreads

This is the last thing the continent needs.
From ZeroHedge:

The COVID-19 pandemic and lockdowns across the African continent could trigger an economic collapse, according to one United Nations (UN) official, who spoke with Associated Press (AP).
Ahunna Eziakonwa, the UN Development Program regional director for Africa, warned that the pandemic would likely result in job losses for millions of people, many of whom are already low-income, have no savings, and have no access to proper healthcare.

"We've been through a lot on the continent. Ebola, yes, African governments took a hit, but we have not seen anything like this before," Eziakonwa said. "The African labor market is driven by imports and exports and with the lockdown everywhere in the world, it means basically that the economy is frozen in place. And with that, of course, all the jobs are gone."

We've warned over the last month that a virus crisis looms in Africa. A little more than half of the continent's 54 countries have imposed lockdowns, curfews, and or travel bans to mitigate the spread of the virus.
Places like South Africa, where the military has enforced "unprecedented" Martial law-style lockdowns through mid-April, is an attempt to thwart social uprisings as 370,000 jobs have likely been lost. 

For the 1.3 billion that inhabit the continent, widespread lockdowns are triggering vicious economic downturns, couple that with a public health crisis, and it could be a perfect storm that results in social unrest.
Eziakonwa said unless the virus spread can be controlled – then up to 50% of all estimated growth for Africa's travel, services, mining, agriculture and the informal sectors could be lost. An extended period of subpar economic growth could be seen across the continent in the quarters ahead. 

"We will see a complete collapse of economies and livelihoods. Livelihoods will be wiped out in a way we have never seen before," she warned.

Top oil-exporting countries, such as Nigeria and Angola, could lose up to $65 billion in revenue with collapsed commodity prices – indicating that those governments will struggle to balance budgets, the UN Economic Commission for Africa (UNECA) said.
Many countries in the Sub-Saharan region are heavily indebted and could come into severe financial distress with budget constraints in a downturn. That is why the calls for stimulus among some African leaders have already begun:

"Ethiopian Prime Minister Abiy Ahmed has spoken of an "existential threat" to Africa's economies while seeking up to $150 billion from G20 nations. A meeting of African finance ministers agreed that the continent needs a stimulus package of up to $100 billion, including a waiver of up to $44 billion in interest payments.
South African President Cyril Ramaphosa backed the calls for a stimulus package, saying in a recent speech that the pandemic "will reverse the gains that many countries have made in recent years." Several African nations have been among the fastest-growing in the world," Ap notes. 

The International Monetary Fund (IMF) said last month that 20 African countries had requested financial assistance, with an expected ten more countries to need some form of aid. The IMF has already cleared credit facilities for Guinea and Senegal....MORE

Some prior posts on the challenge:

Needed: 800 Million Jobs For Africa
By now most of our readers have seen a version of the U.N. projections for world population in 2050 and 2100. If not, here's a post from April with the graphic:

IMF: Sub-Saharan Africa has Just Completed One of its Best Decades of Growth--It's Not Enough (UPDATED)
Update below.
Original post:
This may be one of the more important graphics you are likely to come across today.
Africa's population is projected by the United Nations to reach 2 billion people by 2045, 4 billion before the end of the century:

via CityLab

We followed up with "To Jumpstart Development, Should We Give Africa Bonds a Whirl?"

The problem, as always, is keeping the money from sticking to the hands of the kleptocrats,
And whether investment will actually do any good.

Following on "IMF: Sub-Saharan Africa has Just Completed One of its Best Decades of Growth--It's Not Enough" here are a couple women who have thought about this stuff, Ngozi Okonjo-Iweala a former two-time Finance Minister of Nigeria and World Bank Managing Director, currently a senior advisor at Lazard and Nancy Birdsall, former EVP at the Inter-American Development Bank where she ran a $30 billion loan portfolio....

And today it's the population analysts at Populyst, September 28:

Africa: 800 Million Jobs Needed
African economies are in a race to get ahead of the demographic boom.....MORE