Op-Ed: The Future of African Economic Growth

Between 2004 and 2014, sub-Saharan Africa grew by almost 6% a year. However, according to IMF projections, in 2018, the region will likely endure the fourth year in a row where growth does not markedly exceed population increases. Roughly 40% of the continent’s one billion people, overwhelmingly poor, will experience per capita income decline this year.

Why this reversal of fortunes after years when analysts and consulting companies proclaimed just a few years ago that Africa was rising?

The immediate cause of Africa’s distress is the end of the almost 15 year “supercyle” of high natural resource prices driven predominantly by Chinese demand. However, the deeper issue is the continuing failure of almost all African governments to promote good governance – including stable…

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