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Africa Economic Brief - Volume 8 Issue 3 - Africa’s Agricultural Transformation: Identifying Priority Areas and Overcoming Challenges
Africa has achieved unprecedented economic growth over the past two decades and is experiencing its longest period of sustained economic growth since the 1960s. The growth rate has not only accelerated, but also spread geographically. In 2015, average real Gross Domestic Product (GDP) grew by 3.5 percent, higher than the global average of 3.1 percent, and the Eurozone average of 1.5 percent (Figure 1).
During the same year, five African countries were among the world’s 10 fastest-growing countries with real GDP growth of 7 percent or higher2. In spite of global and regional headwinds that have characterized the recent global economic landscape, Africa’s economic performance has remained resilient and its mid-term prospects appear favorable. This has ushered in hopes for the continent's development prospects and its place as a new driving force of world’s growth.