World real GDP contracted by 4.2 per cent in 2020 compared to a growth of 2.7 per cent
in 2019. The contraction was mainly attributed to slowdown in economic activities due to
emergence of the Coronavirus Disease 2019 (COVID-19). Real GDP in Advanced Economies
is estimated to have contracted by 5.8 per cent in the period under review compared to 1.7
per cent growth in 2019. This was due to accelerated collapse in economic activity driven by
sharp declines in demand and supply of services. Sub Saharan Africa economies contracted
by 1.9 per cent in 2020 compared to a real GDP growth of 3.2 per cent in 2019. East African
Community (EAC) real GDP contracted by 0.2 per cent in 2020 compared to a growth of 6.2
per cent recorded in 2019.
