n AfricaGrowth Agenda - Foreign governance in Africa : a lesson from China

Volume 2010, Issue 1
  • ISSN : 1811-5187


What a year it has been for the economy of Africa! Not a single African country has been spared by one of the worst global recessions to ever confront the continent's economy. Until the beginning of 2007, most analysts predicted an average growth rate of 6% for the continent's economy. Every economic indicator pointed to a very buoyant African economy driven by a glorious commodity boom. The general feeling was that Africa is finally catching up with the rest of the world's economy. Then, suddenly, the sub-prime debacle arrived without warning and wiped out all the gains the continent has been making over the last 10 years. The irony is that, like many other global financial crisis, Africa had nothing to do with the housing crisis. It is really unfair that the continent has, again, been put in this position considering that the global recession was a result of nothing other than corporate greed from US and Europe.

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