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China’s breakneck growth is slowing, and the drivers of that growth are changing from investment and exports to domestic consumption. This shift is affecting the global economy—but especially commodity exporters, many of which are in Africa. The Chinese Customs office announced recently that China’s imports from Africa fell by almost 40 percent in 2015. Slumping Chinese demand has led to precipitous price declines, putting pressure on the fiscal and external accounts of many African countries. Economic growth in sub-Saharan Africa, which averaged 5 to 6 percent over the past two decades, fell below 4 percent in 2015 and is expected to decline further in 2016.
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