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The economy of Sub-Saharan Africa is going through an important slowdown, with oil-exportating countries facing particularly difficult times. However, the region still holds huge growth potential.
After close to two decades of robust growth, sub-Saharan Africa is facing a pronounced economic slowdown. Lower commodity prices and tighter financing conditions are posing significant challenges for oil producers and middle-income countries on the sub-continent in particular. In the short term, adjustment to these shocks is unavoidable, notably since lower commodity prices are likely to be here to stay. However Africa’s potential remains strong. One area in particular stands out: reducing inequalities, notably gender inequality, can significantly boost growth.
Sub-Saharan Africa’s trade flows increased sharply, multiplying by a factor of five over the past 20 years. Is this boom built on commodities only? My answer is no ! Many countries have increased their integration in global value chains. But, it is also clear that sub-Saharan Africa still has some way to go.
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