Export revenues could tumble as many countries on the continent rely on China for trade
A medical worker wears protective clothing as a preventive measure against the Covid-19 coronavirus in Beijing, China, February 21 2020. Picture: GREG BAKER / AFP
A slowdown in the world’s second largest economy and a 5% drop in oil prices over one year could mean $4bn in lost export revenue for Sub-Saharan Africa, or the equivalent to 0.3% of its GDP — more than any other continent outside Asia, according to a study by the Overseas Development Institute. Weaker demand from China also puts other resource-dependent economies such as Angola, the Democratic Republic of the Congo and Zambia at risk. Crude prices are down about 11% this year. Copper and iron ore prices have declined 8% and 1.5% respectively this year.“It is a catastrophe that is unfolding,” Bank of Namibia governor Ipumbu Shiimi told reporters after cutting interest rates on February 19.
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