We expect economic prospects in Sub-Saharan Africa to continue to improve. The direct headwinds from the US’s protectionist shift look to be limited and terms of trade look set to improve for most, although commodity exporters like South Africa, Nigeria and Angola will fare worse. Most in the region will still need to maintain a tight fiscal stance, and with some slippage likely, concerns about public finances will stay high. Sovereign default risks are greatest in Mozambique.
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