Pandemic may sweep away 20m jobs in Africa

"Today, crude oil is facing the biggest demand shock in its history, falling below $30 a barrel, due to the cessation of world trade since January," the report says. "For oil-producing countries in Africa like Nigeria and Angola, which are the continent's largest producers, oil revenues represent more than 90 percent of exports and more than 70 percent of their national budgets, and the fall in prices will likely hit them in a similar proportion."

The report identifies tourism as another sector that will put African economies under pressure. It provides more than a million jobs in Ethiopia, Kenya, Nigeria, South Africa and Tanzania. The African Union says tourism will be hurt by travel restrictions, the closure of borders and social distancing.

"Tourism supports 6.2 million jobs and contributes 2.6 percent of the continent's GDP," the report says. "So far, the travel restrictions in place have already resulted in the partial unemployment of airline staff and equipment. According data from the International Air Travel Association, African airlines had already lost $4.4 billion in revenue by March 11, due to the coronavirus."

The report notes that economies were also coming under pressure with reduced financial inflows from abroad, especially from remittances. Struggling family and friends overseas will find it increasingly difficult to send money home.

"Remittances have been the largest source of international financial flows to Africa since 2010, accounting for about a third of total external financial inflows. They represent the most stable source of flows, having nearly consistently increased in volume since 2010," the report says.

"However, with economic activity in the doldrums in many advanced and emerging market countries as a result of the coronavirus pandemic, remittances to Africa could experience significant declines."