African Economic Outlook 2016
Jan 30, 2017
The African Economic Outlook 2016 shows that the continent is performing well in regard to economic, social and governance issues and has encouraging prospects for the near future. With its special theme on sustainable cities and structural transformation, this edition looks closely at Africa’s distinctive pathways towards urbanisation and at how this is increasingly shifting economic resources towards more productive activities.
Africa’s economic growth remained resilient in 2015 amid a weak global economy, lower commodity prices and adverse weather conditions in some parts of the continent. Real GDP grew by an average of 3.6% in 2015, higher than the global average growth of 3.1% and more than double that of the euro area. At this growth rate, Africa remained the second fastest growing economy in the world (after emerging Asia), and several African countries were among the world’s fastest growing countries. We forecast that Africa’s economic growth will gradually pick up during 2016/17, predicated on a recovery in the world economy and a gradual rise in commodity prices. However, given the vulnerable global economy and the high volatility of commodity prices, this forecast is uncertain.