The economic and political shocks of the past few years have undermined the “Africa rising” narrative that accompanied the continent’s export-led growth strategy. African countries must adopt a new strategy that relies on demand-driven growth, capitalizing on the continent’s fast-growing population.
ALGIERS – Before the outbreak of COVID-19, Africa experienced 25 years of uninterrupted economic expansion, prompting analysts to proclaim that the continent’s growth momentum was no longer dependent on its extractive industries. As access to education and health care increased, so did life expectancy, nurturing an “Africa rising” narrative. To finance their development needs, African countries turned to international capital markets, many of them for the first time.
ALGIERS – Before the outbreak of COVID-19, Africa experienced 25 years of uninterrupted economic expansion, prompting analysts to proclaim that the continent’s growth momentum was no longer dependent on its extractive industries. As access to education and health care increased, so did life expectancy, nurturing an “Africa rising” narrative. To finance their development needs, African countries turned to international capital markets, many of them for the first time.