Africa is a Country

“… Once hailed as crisis proof, African consumers are feeling the pinch, and hopes they can cushion shrinking company profits in the rich world by shopping their way through a global recession are evaporating. Six months ago, Africa outside South Africa looked virtually immune from the financial crisis, with sound banks and emerging middle classes hungry for cell phones, branded beer and fridges … But as the credit crunch spirals into a full-blown global recession, mining firms hit by a commodity downturn are slashing African jobs, remittances from abroad are shrinking and tourists are delaying trips to the continent’s beaches and safari parks. Like shoppers in the West and Asia, Africans have less cash to spare, and bullish forecasts about consumer-driven growth look naive…”

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