In line with our new, more pessimistic global outlook, we’re in the process of downgrading our 2020 growth forecasts for most African economies. Even if actual infection numbers in the region remain small, lower commodity prices will weigh on demand. And the latest figures all suggest that African economies were already before the recent outbreak; South African GDP contracted faster than anyone expected in Q4. We expect that policymakers will react with rate cuts, starting in South Africa later this month.
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