Business Cycles in Africa: Unravelling the Dynamics of Sub-saharan Africa's Economic Growth

Seleman Abas Seleman; Penina Njauledi Paulo

doi:10.36948/ijfmr.2024.v06i01.12257

Business Cycles in Africa: Unravelling the Dynamics of Sub-saharan Africa's Economic Growth

Author(s)	Seleman Abas Seleman, Penina Njauledi Paulo
Country	Tanzania
Abstract	This research delves into the intricate dynamics of Africa's economic landscape against the backdrop of the global economic surge, surpassing rates unseen since the oil price shocks of the 1970s. The study shows a continuous period of robust global growth since 2004, characterized by low inflation and even distribution among nations, defying expectations given the increasing contribution of unstable emerging markets. The study sheds light on Africa's evolving economic scenario, marked by a growing awareness of sectoral fragmentation, oil price variation, and infrastructure development. Examining macroeconomic fundamentals in 2022, we note improvements in fiscal deficits but an increase in current account deficits, exchange rate fluctuations, and elevated inflation, driven by global factors. Moreover, the study unveils the enduring fragility of Africa's economic and social situation, affected by armed conflicts, unfavorable weather conditions, and declining trade. Despite abundant natural resources, the region contends with persistent poverty, positioning it as one of the most impoverished globally. The plots highlighted the historical economic gaps, emphasizing the formidable hurdles that have impeded Sub-Saharan Africa's growth, particularly in comparison to East Asia & Pacific and Latin America & Caribbean. The disparities underscore the need for strategic interventions, including diversifying export bases, strengthening fiscal management, and promoting inclusive growth. The study concludes with a call for coordinated efforts to address the complex challenges, fostering sustained and inclusive economic growth across the continent.
Keywords	GDP, Macroeconomic fundamentals, Volatility
Published In	Volume 6, Issue 1, January-February 2024
Published On	2024-01-20
Cite This	Business Cycles in Africa: Unravelling the Dynamics of Sub-saharan Africa's Economic Growth - Seleman Abas Seleman, Penina Njauledi Paulo - IJFMR Volume 6, Issue 1, January-February 2024. DOI 10.36948/ijfmr.2024.v06i01.12257
DOI	https://doi.org/10.36948/ijfmr.2024.v06i01.12257
Short DOI	https://doi.org/gtfmqr

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Business Cycles in Africa: Unravelling the Dynamics of Sub-saharan Africa's Economic Growth

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