1  See ‘Capital flight darkens economic prospects for emerging markets’, Financial Times, 1 October 2015. 2  See ‘Linkages between China and sub-Saharan Africa’, Global Economic Prospects, World Bank, June 2015. 3  See ‘Dealing with the gathering clouds’, Regional Economic Outlook for sub-Saharan Africa, International Monetary Fund, October 2015.
2  BIS central bankers’ speeches  Indeed, the more challenging external environment for African countries occurs at a time when these countries’ external and budget balances have been deteriorating. The IMF forecasts that, in 2016, 30 of the 45 sub-Saharan countries will have a current-account deficit in excess of 5,0 per cent of GDP.