The International Monetary Fund (IMF) projects that Africa will reverse an economic contraction linked to fallout from the COVID-19 pandemic in 2021, but warns that the impact may be felt for years to come.

Sub-Saharan Africa's gross domestic product is on track to shrink this year by 1.6% – the lowest level on record – because of the combined effects of the COVID-19 pandemic and the plummeting of oil and commodity prices.

The IMF however projects a 4% growth in 2021.

The organization warned that firm forecasts are currently hard to make, and in the event of a more protracted disease outbreak and deeper global recession, it envisions Africa’s economy shrinking an additional 2.5% this year.

"I don't think we've ever had as difficult a time trying to do projections in the institution, certainly in my 25 years," Reuters quotes Abebe Aemro Selassie, head of the IMF's Africa department.

The Fund's baseline scenario assumes that measures aimed at containing the disease, including lockdowns, will be concentrated in this year's second quarter.

"We hope to see a rebound after that, with some recovery into next year. In some sectors such as construction or services, there will be pent-up demand and there could be a bounce back in those sectors," Selassie said.

52 African countries have reported COVID-19 cases. The continent has recorded more than 16,000 cases and over 500d deaths.

The disease has prompted various governments to impose various measures to tackle further spread, including travel restrictions, curfews and lockdowns.

This in turn has affected the countries' economies as well as the continent's economy.