Despite a slowdown in the global economic recovery and an increasingly difficult global environment, Sub-Saharan African countries are continuing to post solid growth.
Following a 4.6 percent expansion in 2010, the region’s output is expected to grow by 4.8 percent this year (5.8 percent excluding South Africa) and by more than 5 percent in 2012 and 2013.
Indeed, African countries are amongst the fastest growing countries in the world: Ghana is projected to grow by well over 10 percent this year; and nearly 40 percent of the countries in the region are likely to see 6 percent or higher growth rates. Growth in Africa remains closely linked to the evolution of international commodity prices—oil, metals, and non-food agricultural commodities—which have remained generally buoyant.
Not surprisingly, a sharp deterioration in global conditions would weigh down on the region's prospects. Moreover, this time around African countries will be more constrained in their policy options: because they have less fiscal space than they had in the wake of the 2008 global financial and economic crisis. Read the full analysis on Africa's Pulse.