Africa’s Year of Opportunity
In many corners of the world, 2018 is shaping up to be yet another disappointing year, with inequality and poverty continuing to fuel anger and populism. While Africa will not be entirely immune from such developments, its inhabitants have at least eight good reasons – far more than most people elsewhere – to be optimistic.
GENEVA – We are still near the start of 2018, and already it feels like tension and disorder will be the year’s defining characteristics. From anti-immigration policies in the United States to flaring geopolitical hotspots in the Middle East and East Asia, disruption, upheaval, and uncertainty seem to be the order of the day.
But at least one metric offers reason for cautious optimism: economic growth. The International Monetary Fund estimates that global growth will reach 3.7% this year, up from 3.6% in 2017. As Christine Lagarde, the Fund’s managing director, put it in a speech in December, “The sun is shining through the clouds and helping most economies generate the strongest growth since the financial crisis.”
It was fitting that Lagarde made that observation in Addis Ababa, because it is in Africa where the rays of prosperity are shining brightest. In fact, I predict that 2018 will be a breakout year for many – though not all – African economies, owing to gains in eight key areas.