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Briefing Note for AfDB’s Long-Term Strategy - Supporting Innovation and Entrepreneurship for Socioeconomic Development
The African economies underwent one of the longest uninterrupted episodes of high growth (above 6% on average) ever experienced on the continent during the 2000s. This was partly the result of the unwinding of the powerful State in strategic sectors, notably through the privatization of state-owned corporations, and partly through the adoption of supportive macroeconomic policies that recognized the importance of robust incentives for domestic and foreign producers and for investors. The economies, from the various regions of the continent, opened up increasingly to international markets, leading to Africa’s increasing integration in the global economy. The global commodity boom, on the back of the rapid growth in the emerging economies, notably those of India and China, was a key growth factor as well. But this increased global interconnectivity meant, in turn, that Africa would be subject to the adverse impacts of the global recession.