Bank of Central African States says region's 2020 GDP to shrink 5.9%

The Bank of Central African States (BEAC) on Wednesday said it expected the region's gross domestic product to shrink 5.9% this year due to the impact of the coronavirus pandemic and a slump in global oil prices.

The bank has also decided to keep its key interest rate on hold at 3.25%, it said in a statement. Its outlook follows the International Monetary Fund's forecast of a deeper-than-expected recession in Sub-Saharan Africa this year.