Concept Note on the Theme for The SADC Parliamentary Forum (SADC PF) 49th Plenary Assembly Virtual Session

“Leveraging the AfCTA for Post-Covid Economic Recovery in Southern Africa: The Role of SADC Parliamentary Forum and National Parliaments."

The COVID-19 pandemic’s impact on the global economy has been unprecedented, with many countries experiencing steep recessions and rapid economic downturns. The widespread social-distancing measures have resulted in sharp contractions of financial conditions including steep declines in remittance flows and massive outflows of capital, a slip down in foreign demand, massive disruptions of global trade, supply chains, travel, tourism, and finance, decline in consumption of goods and services leading to lost production, operational challenges for companies caused by delays in input deliveries, compounded by increased reliance on global supply chains. The baseline forecast envisages a 5.2 percent decline in global gross domestic product (GDP) – the deepest global recession in eight decades – while Emerging Markets and Developing Economies (EDME) GDP is expected to experience a contraction of about 2.5 percent, including in per capita income, resulting in several thousands of people slipping back into poverty.