The slowdown in sub-Saharan Africa, in response to lower commodity prices and severe drought conditions in the southern part of the region in particular is of some concern. In its recent World Economic Outlook update, the IMF downgraded sub-Saharan growth for 2016 by 1,4 percentage points to 1,6 per cent. This follows a number of years of growth rates averaging around 5 per cent.
During the global financial crisis, and even after the crisis, we have witnessed numerous instances in which countries with strong economic fundamentals rapidly overcame external shocks.