After decades of disappointing performance, African economic growth began to accelerate around the turn of the century. The continent averaged GDP growth of more than 5% per annum between 2000 and 2014, primarily driven by fast-growing Sub-Saharan economies. During this period, the term “Africa Rising”, popularised by publications such as The Economist, became shorthand for this rapid economic growth and the increased optimism about Africa’s future prospects.
However, economic growth has since moderated, due primarily to the exposure of African countries to external factors including falling commodity prices and slower growth in China. The International Monetary Fund (IMF) estimates that African GDP growth slowed to 3.4% in
2015, easing further to 2.1% in 2016. Growth for the Sub-Saharan region was estimated at just 1.5% in 2016. Against this backdrop, the question “is Africa still rising?” has moved to the forefront of economic debate.
Source : Knight Frank