Chief China Economist at Standard Bank in Beijing, Jeremy Stevens asks everyone to ‘Buckle up’ as coronavirus continues to spread.
The coronavirus outbreak is taking a toll on economies – China and beyond. And certain sectors and companies are more exposed than others. The deaths, the illnesses has put the entire global economy at risk.
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We need not over-emphasise that Africa relies a lot on China for imports – raw materials too. And loans to drive economies in Africa? China is the sugar daddy. African countries are likely to see downward revisions in the coming weeks, as expectations around China are downgraded.
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African sovereign borrowing rates may move against them. Since the global financial crisis of 2008/09 and during times of low rates, African governments have now accumulated record levels of debt.