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Friday, 20 January 2017

Africa and post-Brexit – Six months on

Six months on after the Brexit referendum of 23 June 2016, it may seem that little or nothing has changed. However, one should not fall into the false sense of complacency into believing that the post-Brexit environment is and will be almost business as usual. The undercurrent of change is already happening fast and will not only have a serious impact on the British economy, but also on the global economy. Indeed, Africa will also not be spared and the aftermath of Brexit is already unfolding slowly but surely within the continent. African countries already need to prepare for contingency plans in the post-Brexit environment. As Prime Minister Theresa May has stated, ‘Brexit means Brexit’ and Britain is determined to break away from the European Union (EU), triggering Article 50 by end of March 2017. Remarkably, the British economy has been extremely resilient in the face of the Brexit shock. According to the British Office of National Statistics (ONS), the UK economic growth in the first quarter after Brexit (that is the third quarter of 2016) is 0.56%, compared with the 0.51% average growth over the first three quarters of 2016. In terms of global trade, the UK traded £103bn in the third quarter of 2016, higher than the five-year third-quarter average of £93bn.

Source: www.howwemadeitinafrica.com

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