This is an opinion piece I recently wrote for Aljazeera English, analysing how African countries are responding to falling global crude oil prices. I reproduce it below:
The plummeting of global crude prices is generating ripple effects worldwide. While oil exporters are reeling from plunging revenues, oil importers are bracing for cheaper oil, and the potential economic stimulus. Global economic relations may also witness profound shifts as the United States overtakes Saudi Arabia as the world’s largest oil producer.
Given the concentration of oil and other natural resources in Africa, it is worth examining how falling oil prices will affect the continent’s economic transformation aspirations.
Since the turn of the century, sub-Saharan Africa has recorded tremendous growth; it is the world’s second-fastest growing region. Many African governments’ expressed priorities are converging around sustaining this growth, modernising their economies and translating the benefits of this economic expansion into increased…
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