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How Sub-Saharan Africa is Making Major Moves in the Global Economy

Sub-Saharan Africa is poised to see its economic growth accelerate, according to Citi, which says the region is set to double its share of the world’s economy.

What’s happening?

The region is forecast to grow due, at least in part, to a psychological transition from Afro-pessimism to Afro-optimism,  as well as resource pricing.

The author of the report, Sub-Saharan Africa- The Route to Transformative Growthlays out his findings:

Clearly the rise in global commodity prices has played an important role in the growth pick-up throughout the 2000s in SSA, but we show that commodities have only made up about a third of the overall increase. In order to continue the growth trajectory of the past, a focus on the other two thirds of the growth story — improved political stability, better economic policy and a new wave of investment into SSA by corporates — is required.

This next decade could be a transformative period for Sub-Saharan Africa partly because the area has the resources already available to make a transition.

The question which has yet to be answered is whether leaders in Africa will be able to maintain consistent economic growth. The region has been plagued by wars, and destabilizations.  There are also a number of infrastructure challenges, but if business leaders and government officials are committed, they can push forward and gain economic power in the 21st century.

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