Is Africa still booming?
The average growth of African economies was estimated at a record low of 1.4% in 2016 and only a moderate increase is expected in 2017. However, there are two African models: while oil exporters and resource-rich countries such as Angola, Nigeria and South Africa, have experienced a strong recession, other less natural resources dependant countries (notably francophone West Africa) benefitted from an above-average growth rate, reaching up to 8% (Côte d’Ivoire). Despite the economic slow-down, Africa has enormous unexploited development potential. The continent needs to adjust to the current situation and invest in its future, explained Roger Nord, Deputy Director of the IMF’s African Department, in an article published on the Ideas4Development blog.