TOUGHER TIMES
Africa grew by only 3% in 2015, which was the continent’s slowest pace of growth since the 2009 global financial crisis and well below the 6.8% levels experienced between 2003 and 2008. The World Bank has also lowered its 2016 growth forecast for Africa to 3.3%, from 4.2% previously, largely because of the plunge in commodity prices. In what is now a post-supercycle world, Africa is going to have to look beyond commodities to discover new sources of growth, the bank warns.
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