Sub-Saharan Africa: Sunny in the East, Cloudy in the Centre
Most of the sub-Saharan (1) economies have been enjoying economic growth since 2008, which has reached nearly 5% p.a. on average since that date, despite the storms such as Lehman Brothers collapse and the sovereign debt crisis in the Eurozone.
The reasons for this are numerous structural readjustments linked to a relatively low initial per capita wage level; high foreign investments in a context of abundant world liquidity; more stable political environments; as well as public finances in better order due to numerous debt cancellations. Also benefiting were the high prices of raw materials on which the region is dependent. Oil, metals, minerals and foodstuffs account for 80% of exports.
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