6/28/2016

Brexit will be terrible for Africa’s largest economies

http://qz.com/715710/brexit-could-be-terrible-for-africas-largest-economies/


 Quartz Africa

Now that the United Kingdom has voted to leave the European Union, African economies—already struggling from slowing demand from China and flat commodity prices—have now been thrown into confusion along with the rest of the world.

“Many emerging market and frontier asset markets will come under pressure,” Razia Khan, chief economist for Africa for Standard Chartered Bank, tells Quartz. “Much will depend on how quickly some sort of financial market stability can be restored.”

The UK’s minister for Africa and advocate for leaving, James Duddridge, has promised that relations with the continent would only improvewithout the burden of the EU, but Africa’s largest economies are still likely to suffer. More...