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Trade turmoil and fiscal strains to check growth

Economies across Sub-Saharan Africa will likely see limited direct impact from the protectionist shift that the US is embracing. But the bigger growth worry should come from the US trade turmoil inducing a deterioration in the terms of trade for commodity exporters like South Africa, Nigeria and Angola. Fiscal policy will need to remain tight, acting as another check on the pace of recovery. Some fiscal slippage is likely, which will keep concerns about the public finances high. Default fears remain greatest in Kenya and Mozambique.