Coronavirus and the World Economy
The coronavirus has arrived in the most remote place of the World and 213 countries and territories are affected. Namibia has now 2 540 cases and South Africa 529 877. China reported an increase of 363 new cases. The latest cases and deaths are the following:
Table 1: Coronavirus cases – 26 March – 6 August
| Region/Country | Cases26 Mar | Cases30 Apr | Cases28 May | Cases25 June | Cases30 July | Cases6 Aug |
| China | 81 285 | 82 862 | 82 995 | 83 449 | 84 165 | 84 528 |
| Europe | 246 327 | 1 219 278 | 1 509 013 | 1 647 992 | 1 866 609 | 1 951 248 |
| Africa | 1 005 | 36 703 | 121 077 | 329 888 | 874 804 | 992 310 |
| North America | 89 478 | 1 116 169 | 1 833 322 | 2 564 950 | 4 683 507 | 5 091 755 |
| Rest of the World | 53 322 | 766 572 | 2 243 696 | 4 916 884 | 9 678 841 | 10 859 475 |
| Total | 471 417 | 3 221 584 | 5 790 103 | 9 543 163 | 17 188 007 | 18 979 320 |
Source: worldometers.info
From the middle of March the epicentre of the coronavirus has shifted from China to Europe, the US and then to the rest of the World with 57.2% of all reported cases. The US reported 4 973 568 cases and 161 601 deaths. Only 5.2% of the reported cases and 3.1% of the deaths are on the African continent; however one should keep in mind that testing is not done as expected, especially in Tanzania where since 9 May no new case was reported.
Table 2: Coronavirus deaths – 26 March – 6 August
| Region/Country | Deaths26 Mar | Deaths30 Apr | Deaths28 May | Deaths25 June | Deaths/30 July | Deaths/6 Aug |
| China | 3 287 | 4 633 | 4 634 | 4 634 | 4 634 | 4 634 |
| Europe | 14 143 | 131 603 | 165 662 | 179 129 | 185 792 | 187 837 |
| Africa | 28 | 1 577 | 3 663 | 8 856 | 19 649 | 22 150 |
| North America[1] | 1 334 | 64 665 | 108 872 | 132 766 | 162 757 | 170 563 |
| Rest of the World | 2 503 | 25 805 | 74 601 | 159 901 | 297 375 | 326 066 |
| Total | 21 295 | 228 263 | 357 432 | 485 294 | 670 207 | 711 250 |
Source: worldometers.info
[1] North America is Canada and the US
If the current trend continues the total number of deaths will be around 760 000 in a weeks’ time. The USA, Brazil, UK, Italy, Spain, France, Mexico and India have today 63.1% of the number of deaths reported in the whole World.
Slowly the coronavirus pandemic is reaching the African continent and all countries reported 992 310 cases and 22 150 deaths. There are only 578 549 cases reported in the SADC region and 10 229 deaths. South Africa is dominating SADC with 92.6% of the cases and 90.9% of the number of deaths.
Table 3: Coronavirus cases and deaths in the SADC region – 28 May – 6 August 2020
| SADC country | Cases28 May | Cases25 Jun | Cases30 Jul | Cases30 Jul | Deaths28 Ma | Deaths25 Jun | Deaths30 Jul | Deaths6 Aug |
| South Africa | 25 350 | 111 796 | 471 123 | 529 877 | 552 | 2 205 | 7 497 | 9 298 |
| Madagascar | 612 | 1 787 | 10 317 | 12 227 | 2 | 16 | 99 | 127 |
| DRC | 2 546 | 6 213 | 8 931 | 9 253 | 68 | 142 | 210 | 215 |
| Zambia | 1 057 | 1 489 | 5 249 | 7 022 | 7 | 18 | 146 | 176 |
| Malawi | 101 | 941 | 3 738 | 4 426 | 4 | 11 | 103 | 136 |
| Zimbabwe | 132 | 530 | 2 879 | 4 221 | 4 | 6 | 41 | 81 |
| Eswatini | 272 | 690 | 2 551 | 2 909 | 2 | 7 | 40 | 53 |
| Namibia | 22 | 90 | 1 986 | 2 540 | – | – | 9 | 12 |
| Mozambique | 227 | 762 | 1 748 | 2 079 | 1 | 5 | 11 | 15 |
| Angola | 71 | 197 | 812 | 1 396 | 4 | 10 | 33 | 62 |
| Botswana | 35 | 92 | 804 | 804 | 1 | 1 | 2 | 2 |
| Lesotho | 2 | 17 | 576 | 726 | – | – | 13 | 21 |
| Tanzania | 509 | 509 | 509 | 509 | 21 | 21 | 21 | 21 |
| Mauritius | 334 | 341 | 344 | 344 | 10 | 10 | 10 | 10 |
| Seychelles | 11 | 11 | 114 | 126 | – | – | – | – |
| Total | 31 868 | 125 465 | 511 681 | 578 459 | 676 | 2 452 | 8 235 | 10 229 |
Source: Worldometers.info
Graph one below illustrate that the peak has been reached and we are in a declining trend for 21 weeks.
Graph 1: Weekly change of the World’s coronavirus cases and deaths
The graph above depicts the weekly change since beginning of April 2020 in the whole World of reported cases and deaths. For the declining trend continued especially with the number of deaths.
Graph 2: COVID 19 cases and deaths in Africa and the rest of the world
Source: Compiled from Worldometers data
From the data which is available one can see that a third wave is not on the way yet, with a strong decline in the number of cases and the number of deaths. Which countries are the worst affected countries according to deaths and recorded cases? Belgium tops the list with the number of deaths per population and Qatar with the number of cases. A high number of cases do not automatically mean a high number of deaths, as the Qatar example demonstrate.
Table 4: Worst affected countries according to deaths and cases
| Country | Deaths/1M pop. | Total cases/1M pop. |
| Belgium | 850 | |
| United Kingdom | 683 | |
| Peru | 613 | |
| Spain | 610 | |
| Italy | 582 | |
| Qatar | 63 | 39 819 |
| Bahrain | 24 913 | |
| Chile | 19 063 | |
| Panama | 16 253 | |
| Kuwait | 16 234 | |
| South Africa | 126 | 7 936 |
| Namibia | 4 | 781 |
Source: Worldometers
The World economy is out of a severe recession as the MSCI World Index (below) is signalling. The MSCI World Index consists of the stock exchange performance of 28 countries.
Graph 3: MSCI World Index
The MSCI index was at 2403 on 22 February 2020 and closed on Tuesday at 2337, a fall of 2.7%. Stock markets are nearly back at pre corona virus levels.
Table 5: Selected international commodity prices
| Commodity | Monthly | Yearly |
| Winners for Namibia | ||
| Energy: Brent oil | 5.32% | -19.31% |
| Gold | 13.97% | 36.32% |
| Uranium | -2.27% | 27.47% |
| Copper | 4.40% | 12.89% |
| Zinc | 15.14% | 5.42% |
| Losers | ||
| Lead | 7.40% | -4.62% |
Source: Trading economics. 6 August 2020
The commodity prices relevant to Namibia reached a turning point fourteen weeks ago and copper prices improved for the year by 12.89%. The exchange rate was weakening for the second week. The N$ is currently trading 17.53 to the US Dollar and 20.74 to the Euro.
Compiled by: Rainer Ritter
6 August 2020