Even though Africa has so far been spared an outbreak of Novel Coronavirus, economies across the continent are beginning to grapple with the costly implications for what this viral contagion is doing to their largest trading partner and overall demand for the raw materials that most African countries depend on to sustain their economies.
Major segments of China’s economy, including manufacturing, transportation and even the all-important retail sector have all been hit hard by the ongoing crisis, prompting double-digit price falls on global commodity exchanges for natural resources. The sharp fall in oil and copper prices among others is “battering” economies across the continent, according to a recent research note that investment firm Capital Economics sent to its clients.
