Renaissance Or Mirage: Can Africa Sustain Its Growth?

EMerging Equity

By Stephen Onyeiwu

AfricaThe world’s eyes have turned to Africa after what many consider to be an unprecedented economic performance. Even the most cautious analysts are so sanguine about the continent’s economic prospects that they are willing to bet on its rosy future.

The International Monetary Fund expects sub-Saharan Africa to grow at an average annual rate of 5.7% between 2014-2019. This will make the sub-continent among the three fastest-growing regions in the world over that period. It would also mark the first time that Africa would have maintained a robust growth rate continuously for more than a decade.

Are these forecasts realistic? Can Africa’s growth resurgence be sustained? There are several reasons why we should be both optimistic and cautious about Africa’s future economic performance.

Reasons for Optimism

New policy environment: Military dictatorships, autocracies and one-party systems have overseen impressive growth before. But these governments implemented policies like unsustainable budget…

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