That judgement is being revisited amidst apprehensions that the extraordinary fiscal expansion by the advanced economies to combat the crisis is actually mutating into structural fiscal deficits and that monetary policy will have no choice but to accommodate continued elevated government borrowing into the medium term.
One of the reasons for the greater resilience of African economies to external shocks is that they now have much larger buffers of international reserves to support their balance of payments, although the improvement in their macroeconomic management undoubtedly made a more important contribution.