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The global economy has taken a major hit due to the grave effect of the spread of COVID-19. Developed countries are struggling to sustain their economies and this gives an indication of the current state of developing and underdeveloped nations. The closure of businesses and the laying off of some workers, coupled with the closure of some international air and sea ports indicates the stagnation of global economic growth and process with a forecasted massive recession. The local governments of various countries have collectively inputted strategic efforts to supplement the situation with diverse financial relief funds and fiscal assistance policies. The GDP of the global economy is predicted to shrink by 5.2% according to the minimum economic forecast predictions (World Bank, 2020). The severity of the pandemic will undoubtedly leave a negative and uninspiring blueprint on the face of the global economy. The pandemic like a binocular has exposed the multifaceted cracks in the various economy sectors and their unpreparedness for global storms such as this. Foreign Direct Investment and foreign exchange inflows into the continent of Africa have been stable on average over the years; however, the current state of the global economy predicts a sharp fall which will not easily recover until there has been a full recovery. This gives a baseline forecast of the adverse effect of the pandemic on the African soil as well as other developing and underdeveloped countries and regions globally. Therefore, various governments within the continent must develop and implement breakwater policies such as intra-regional integrations as well as strong international relations that will help hedge against and cushion the effect of another global storm. This paper seeks to analyze the effect of the pandemic on the global economy, a case study of its influence on Africa’s FDI and foreign exchange inflows.

Analyzing the Effect of the COVID-19 on the Global Economy: A Case Study of Its Influence on Africa’s FDI and Foreign Exchange Inflows