Africa, Rising No More?

The commodity boom of the 2000s led to the strongest growth that Sub-Saharan Africa had seen in decades. As a result, the continent known for poverty became described as a lion on the move. The ‘Africa Rising’ narrative pointed to booming economies and growing middle classes. Yet, by 2015, the commodity boom was over. Growth in emerging economy markets caused the boom, and China’s economic slowdown ended it. Many African countries were left with fiscal and trade deficits, which eroded international investor confidence. The narrative on Africa is now one of IMF ballouts, pending debt crises, and renewed political instability and conflict. Economic fortunes, however, are set to vary across African countries.