Africa to Be Biggest Loser If Global Tensions Mount, IMF Warns
- Region could see 4% GDP contraction over 10 years, fund says
- Foreign direct investment could fall by up to $10 billion
This article is for subscribers only.
Africa could suffer a permanent economic hit if tensions splinter the global economy into opposing trading blocs around the US and China, the International Monetary Fund said.
“If geopolitical tensions were to escalate, countries could be hit by higher import prices or even lose access to key export markets — about half of the region’s value of international trade could be impacted,” the IMF wrote in an essay posted Monday.