Victoria Kwakwa, Aloysius Uche Ordu
As we begin 2023, Africa’s development is threatened by multiple crises. This time is distinctly different from past episodes, first in the increased frequency of crises, as well as the persistence and deepening of climate and conflict crises. While in 2008/2009 Africa was able to use debt to weather the financial crisis, today, rapidly rising global interest rates and the absence of a well-functioning framework for comprehensive debt reduction and relief, threaten to cut access to international financial markets for many countries. Moreover, deglobalization trends could limit Africa’s ability to use international trade to drive growth.
Economic Recovery and Growth: Tackling multiple headwinds (brookings.edu)