World Bank warns Ebola's economic impact in West Africa

IANS
18 Sep 2014, 06:30 GMT+10

The Ebola virus that has become rampant in West Africa will enormously hurt fragile economic growth of the three hard-hit nations of Guinea, Liberia, and Sierra Leone if it goes unchecked, the World Bank warned Wednesday.

The bank said this year, the economic growth rate for Guinea will fall to 2.4 percent from 4.5 percent, Sierra Leone to 8 percent from 11.3 percent and for Liberia to 2.5 percent from 5.9 percent, Xinhua reported.

The global institution estimated in an analysis released Wednesday that the outbreak of the deadly virus would cost the three economies 359 million US dollars this year and the losses will rise to 809 million dollars under the worst scenario.

While speaking to reporters via a call conference held in Washington DC, Jim Yong Kim, president of the bank, warned if the virus spreads to other African nations, the potential losses would skyrocket to billions of dollars.

It said slow containment gaps will certainly lead to even greater financing gaps in 2015, but the economic costs can be limited if swift national and international responses succeed in containing the epidemic.

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