"We have revised our oil price forecast for this year from 60 dollars per barrel to 40 dollars, Algeria, Nigeria and Angola are likely to be the most affected because of the material contribution that oil makes to their exports," reads an analysis note on the impact of the new coronavirus in Africa.
The document, sent to investors and to which Lusa had access, explains that "countries where the number of infections is high or rapidly rising, such as China, Korea, Italy, France, Germany, Spain, Iran and the United States, among others, represent around 42 percent of African exports".
As imports are expected to decrease due to the restrictive measures of economic activity in these countries, S&P warns that countries will be impacted due to the impossibility of obtaining revenues from raw material exports.
