{"id":84325,"date":"2016-12-22T06:47:38","date_gmt":"2016-12-22T04:47:38","guid":{"rendered":"https:\/\/www.myza.co.za\/development-in-africa-is-on-a-firm-footing-heres-how-to-take-it-to-the-next-level-the-conversation\/"},"modified":"2016-12-22T06:47:38","modified_gmt":"2016-12-22T04:47:38","slug":"development-in-africa-is-on-a-firm-footing-heres-how-to-take-it-to-the-next-level-the-conversation","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/development-in-africa-is-on-a-firm-footing-heres-how-to-take-it-to-the-next-level-the-conversation\/","title":{"rendered":"Development in Africa is on a firm footing \u2013 here’s how to take it to the next level | The Conversation"},"content":{"rendered":"

Development in Africa is on a firm footing \u2013 here’s how to take it to the next level<\/a>: <\/p>\n

2016 was a year of mixed fortunes in the development course of Africa<\/span> Shutterstock<\/span><\/span><\/figcaption><\/figure>\n

The end of 2016 provides an opportunity to take stock of Africa\u2019s recent economic performance and future prospects. It\u2019s been a tumultuous year for some African countries largely due to a commodities crisis and a global economic slowdown.<\/p>\n

Yet there were still pockets of good growth which displayed the huge potential of the African continent. And 2017 looks to be the year the countries hardest hit by the crisis seek to recover from the economic reversals of the past few years.<\/p>\n

Since the start of the new millennium average economic growth across Africa has been stronger than the global growth rate. Growth across the continent averaged 5%. This fuelled the \u201cAfrica Rising\u201d narrative that permeated public discourse. <\/p>\n

Among the growth drivers were a commodity supercycle that powered the economies of resource-rich countries. And political and economic reforms paved the way for a growth in foreign investment. <\/p>\n

Urbanisation and a burgeoning middle class expanded consumerism while growing mobile phone and internet penetration spurred the services sector. Increased innovation influenced investment and private consumption.<\/p>\n

The economic optimism of the past two decades has, however, been tempered by a combination of factors. These include a worldwide decline in commodity prices; the slowdown and rebalancing of China\u2019s economy; widespread drought, especially in the east and the south; and rising insecurity and instability in the Horn of Africa. <\/p>\n

As they chart the way ahead in 2017 and beyond, African countries have to contend with what has been termed the reality of a \u201cdouble challenge\u201d. There are five that stand out.<\/p>\n