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We examine the real and financial connectedness of selected African economies with the global
economy using a network approach. We find that the connectedness of African economies with
the global economy is quite sizable, with the global financial crisis increasing the connectedness
measures above their pre-crisis levels. The results show that U.S., EU and Canada dominate Afri-
ca’s equity markets, while China, India and Japan dominate Africa’s real activities. Our results
suggest that African economies are predominantly small open economies, deeply interconnected
but systemically unimportant and vulnerable to headwinds emanating from the dominant econo-
mies in the overall global economy.
