Growth Strategies for Africa in a Changing Global Environment

Working Paper No. 4

Growth Strategies for Africa in a Changing Global Environment: Policy Observations for Sustainable and Shared Growth

Authors: Danny Leipziger and Shahid Yusuf

Following decolonization in the 1950s and the 1960s, growth accelerated in several of the leading African economies. However, by the mid-1970s this initial phase of catching up had run out of steam, and African countries entered a long economic twilight that extended through the mid-1990s. Since then, Africa has benefitted from a widely shared revival of economic activity. But this newfound momentum cannot be taken for granted. In particular, the financial crisis of 2008-09 has seriously weakened some of Africa’s principal Western trading partners. The purpose of this paper is to sketch a modern, diversified strategy for African late starters that identifies the key objectives and the mix of policy initiatives appropriate for a post-financial-crisis environment where South-South trade and capital flows are taking on a greater salience.

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Growth Strategies for Africa