Africa’s slump not grounds for ‘excessive pessimism’, Christine Lagarde says
The slump in commodity prices has been the continent’s strongest challenge, sideswiping the three biggest economies: Nigeria, SA and Angola
Washington — The student is halfway through her question to Christine Lagarde when the power cuts — a reminder of the obstacles facing Africa’s poorest nations. The head of the IMF doesn’t miss a beat. "As you can see, building better infrastructure — roads, the internet, electricity — is important," she tells the university students who came to hear her speak in a sweltering classroom in Bangui, capital of the Central African Republic. Save for a few flickers, the rest of the event, also attended by President Faustin-Archange Touadera, proceeds in darkness. Five years ago, sub-Saharan Africa was being hailed by Time magazine as the world’s "next economic powerhouse". The growth of economies such as Kenya and Ethiopia fed the idea of "Africa Rising", the title of an IMF conference held in Mozambique in 2014, and raised the hope that the continent was beginning to succeed in fighting extreme poverty. The outlook is much dimmer now. Growth in sub-Saharan Africa probably fell to its lo...
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