In a turbulent world, diversity vital for African economies

Africa’s economy has grown rapidly and steadily since 2000, and has shown remarkable resilience in the face of the global financial and economic crisis. But the continent’s dependency on the export of natural resources and primary commodities was bluntly exposed by the crisis. The decline in the demand for and the price of oil and minerals was largely responsible for reducing Africa’s growth rate by about 4 percentage points between 2008 and 2009. This over-reliance on a few commodities and just one or two sectors underscores the need for much greater economic diversification.