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Economic Brief - Capacity Challenges in Post-Global Financial Crisis Era in Africa - Volume 2 - Issue 4 - December 2011
While The world economic crisis brought a period of relatively high economic growth in Africa to an abrupt end. Average economic growth plummeted from an average of 6 per cent between 2006 and 2008 to 2.5 per cent in 2009 with Gross Domestic Product (GDP) growth coming to a near standstill (OECD, 2010).
Prior to the crisis, Africa was among the fastest-growing regions in the world, with an average annual growth rate of 5.2 per cent between 2000 and 2008. This growth which was higher than the global average by 2 percentage points was also broad-based, with 40 per cent of African countries (representing 70 per cent of Africa’s population) growing on average by 5 per cent or more between 2000 and 2008 (OECD, 2010).