Home Diplomatic Suite How COVID-19 will change China and Africa’s economic relationship

How COVID-19 will change China and Africa’s economic relationship

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China rarely agrees to debt write-offs.
African countries are important to China’s long-run development agenda.
Debt write-offs may be necessary if both want to benefit from the changed world economy, post-coronavirus.
The COVID-19 pandemic and related measures have brought the world economy to a shuddering halt. In April the price of a barrel of oil on the New York Mercantile Exchange reached minus $37.63; airlines are not alone in shedding tens of thousands of staff. The GDP of China, the engine of world growth, shrunk by 8.6% in the first quarter of 2020. Low-income countries, ordinarily at the mercy of commodity prices, tourism and the volatility of remittance flows – through no fault of their own – find millions of their citizens, and by extrapolation all of us, are at risk of both the pandemic and also economic havoc.
SOURCE:We forum.org

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