Regional and Country Policy Issues in Africa
Global Journal of Emerging Market Economies, 2016, vol. 8, issue 3, 273-281
Africa is growing and many of its socioeconomic indicators continue to improve. It is, however, no longer convergingâ€”catching up with the rest of the world. This failure to converge presents an urgent challenge to African governments and development partners. This article identifies key regional and country-specific issues requiring urgent attention to put Africa back on a convergence track. Africa is diverging in two important senses: slower growth than the rest of the world and increasing divergence among countries in Africa. Growth has slowed around the world over the last 3 years, but it has slowed more in Africa than elsewhere. For the first time in more than a decade, GDP growth in Africa in 2016 is projected to be below global GDP growth. Divergence is also increasing among countries in Africa. Convergence is still possible in Africa, but it depends on actions taken by individual countries. If African best-practice policies were generalized, the continent would be transformed. If they are not, Africa will continue to diverge from the rest of the world.
Keywords: Africa; institutions; macroeconomics; convergence (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:emeeco:v:8:y:2016:i:3:p:273-281
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