Africa’s growth will improve off 2016 —the worst year for the continent in nearly 20 years
•Africa’s growth will improve following 2016.
• Selected key economies will continue excelling.
Low growth was largely driven by external factors, particularly oil prices, which meant two of the largest three economies in Sub-Saharan African (SSA), i.e. Nigeria and Angola, had to accept lower receipts for their exports.
As a result, both economies fell into recession, with Nigeria hit particularly hard, as the nation dealt not only with reduced terms of trade, but with lower production levels as a result of domestic insurgency.