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Singer (Sri Lanka) downgraded by a notch over Coronavirus

April 18 (EconomyNext) - Singer (Sri Lanka) Plc, a consumer durables retailer has been downgraded to ‘BBB+(lka)’ from ‘A-(lka)’ by Fitch Ratings as curfews to halt the spread of Coronavirus hit sales. “The downgrade and Negative Outlook reflect the significant business interruption from the coronavirus pandemic and the likely implications of a downturn in discretionary consumer spending, which we expect...

Locals keep social distance as they queue during the distribution of food parcels to vulnerable residents by the local government during a 21-day lockdown due to a spread of the coronavirus disease (COVID-19), in Johannesburg's township of Soweto, South Africa, April 7,2020. REUTERS/Siphiwe Sibeko/File Photo

Sub-Saharan Africa to fall into recession in 2020, says World Bank

Nairobi, April 9 (Reuters) - The rapidly-spreading coronavirus outbreak is expected to push sub-Saharan Africa into recession in 2020 for the first time in 25 years, the World Bank said in a new forecast on Thursday. The bank’s Africa’s Pulse report said the region’s economy will contract 2.1% to 5.1% from growth of 2.4% last year, and that the coronavirus...

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