The weaknesses in the global economy and especially the slowdown in the growth of world trade have constrained Africa’s export growth while inflows of donor grants have stagnated and private capital flows have become more volatile.
The current account balances of sub-Saharan African (SSA) economies have worsened markedly since the onset of the global crisis, from an average surplus of 0.7 percent of GDP during 2004–08 to a projected average deficit of 3.3 percent of GDP during 2012–13.1 The deterioration of the current account affects both oil exporters and oil importers alike.