Last year was generally tough for Africa. After more than a decade of GDP growth averaging close to 6%, growth for the sub-Saharan Africa region registered only 1.4% in 2016. The more positive news is that with slowly improving external conditions, growth will begin to pick up again, with the International Monetary Fund projecting 2.6% in 2017 and 3.5% in 2018. The reality, though, is that economic growth across the region is likely to remain relatively slower than it has been over the next few years and that recovery will be gradual. However, it is important to position Africa’s growth performance in a global context. The factors that have affected economic growth in the region are not unique to Africa. In fact, although growth in the region has slowed, it will again be the second-fastest growing region in the world (after emerging Asia) by 2018. In other words, slower growth does not equate to no growth and certainly does not signal a structural decline in most African economies. ...
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