The 2 percent target looks rather high, given the current rate of inflation/deflation. However, the Bank decided that it was appropriate to set the target before confirming the product of the efforts made by a wide range of entities to strengthen the competitiveness and growth potential of the economy.
Between 2009 and 2014, the average growth rate was about 4 %. Since then, low commodity prices have slowed the pace of growth somewhat. But medium-term growth prospects remain solid. That’s true, at least, when looking at total growth rates. But what really matters when seeking to improve welfare is per capita growth. Here the picture is less benign. Africa’s population is growing fast.