Brexit tremors reverberate through Africa
The UK is a major investor in and trade partner with this continent, so their fates are linked
Britain's Prime Minister Theresa May this week finally served divorce papers on the EU, kicking off two years of uncertainty as the parties negotiate a final parting. When the UK chose to hoist the Union Jack in preference to a future in the EU in June last year, global markets went into a tailspin as the world considered the implications for trade, policy and investments. Immediately after the exit referendum, Goldman Sachs warned of a drop of 2.75% in GDP for Britain over the 18 months after the referendum, but the Brits have shown early signs of resilience. However, the rubber truly hits the road with May signing article 50 of the Treaty on European Union, triggering Brexit. Some fear Brexit may have a negative effect on Africa, where according to Barclays Africa analyst Peter Worthington, growth halved to just 1.4% last year, the slowest pace in decades. There was a sharply weaker growth outlook in Angola, Nigeria and South Africa, which together accounted for nearly three-fifth...
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