At first relatively shielded from the tur-moil in global markets, sub-Saharan Africa is starting to feel some pain. Worst affected is South Africa, the region's largest economy, because it is most tightly linked to the outside world. The rand has been in free fall, losing about 30% of its value against the dollar since the beginning of September; the local stockmarket is also grim, with falls in line with those in New York and London. Yet South Africa's economy, together with the rest of the region's, may yet prove more resilient than most, once the dust settles.
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