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African Economies in a Multipolar World

After deepening for two decades, Africa-China economic relations are entering a new phase, owing to a variety of global, bilateral, and domestic factors. While China will remain a key player on the continent, African governments will need to keep their options open and be more mindful of a wider set of interests.

NAIROBI – Governments, businesses, and citizens are navigating a global economic slowdown and levels of inflation not seen in decades, and Africa is no exception. Economic scars from the COVID-19 pandemic, supply shocks from the Russia-Ukraine war, and severe droughts in the Horn of Africa have created significant economic strain. Africa’s public debt is approaching the unsustainably high levels of the early 2000s, and the substitution of low-cost long-term multilateral debt by private funds has driven up debt-servicing costs.