African Economic Outlook 2017
Source: The Africa Development Bank, Posted: 23 May 2017 10:40 AM PDT
This annual massive study reports that in 2016, Africa’s economic growth slowed to 2.2 percent from 3.4 percent in 2015 due to low commodity prices, weak global recovery and adverse weather conditions, which impacted agricultural production in some regions. Africa’s economic growth is expected to rebound to 3.4 percent in 2017 and 4.3 percent in 2018.
Although economic headwinds experienced in the last two years appear to have altered the “Africa rising narrative,” the African Development Bank believes the continent remains resilient, with non-resource dependent economies sustaining higher growth for a much longer period. With dynamic private sectors, entrepreneurial spirit and vast resources, Africa has the potential to grow even faster and more inclusively.