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Working Paper 183 - Global Economic Spillovers to Africa- A GVAR Approach
Africa is increasingly interconnected with the rest of the world through trade and Önancial linkages. Africaís real export value has quadrupled between 2000 to 2010, with Europe as the main export destination followed by United States, and China. In 2012, 60% of the African countries have export GDP ratio of 30% or more while 80% of them have export GDP ratio of more than 20%. Moreover, Africaís Önancial linkage through private capital áows, FDI, remittances, and ODA has also increased signiÖcantly during the last decade. External Önancial áows hit a record high in 2012 and expected to surpass the US$ 200 billion mark in 2013. The áow of foreign direct investment (FDI), portfolio investment, o¢ cial development assistance (ODA) and remittances have quadrupled since 2001 (AfDB AEO 2013).