07.06.2017

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Unlock the potential of African entrepreneurs for accelerating Africa’s industrial transformation, says the African Economic Outlook 2017.

African governments need to integrate entrepreneurship more fully into their industrialisation strategies, according to the African Economic Outlook (AEO) 2017 released in May 2017.  The African Economic Outlook is produced annually by the African Development Bank (AfDB), the Development Centre of the Organisation for Economic Co-operation and Development (OECD) and the United Nations Development Programme (UNDP).

In 2016, Africa’s economic growth slowed down to 2.2 per cent from 3.4 per cent in 2015 due to low commodity prices, weak global recovery and adverse weather conditions which impacted on agriculture production in some regions.  However, it is expected to rebound to 3.4 per cent in 2017 and 4.3 per cent in 2018. This assumes that as commodity prices recover, the world economy will be strengthened and domestic macroeconomic reforms are entrenched.

In fact, there are promising developments across the continent, according to the report. Africa’s growth increasingly relies on domestic sources, as shown by dynamic private and government consumption that, combined, accounted for 60 per cent of growth in 2016.

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