Trade

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Africa’s Position in a Deglobalizing World

Africa’s nearly 420 million youth embody the continent’s vast potential for economic and social development. However, one third of these youth are currently unemployed and raising economic growth is crucial for harnessing this demographic dividend . In the previous period of globalisation, Africa depended heavily on exports of commodity goods to the rest of the world to drive economic development, but this has not been sufficient to create the jobs needed to lift large parts of the continent out of poverty. In the era of “slowbalisation”, with global economic integration cooling, African countries are offered a challenge and opportunity to recalibrate their development strategies and to thrive in a changing world, mainly through regional integration and the implementation of the African Continental Free Trade Agreement (AfCFTA).

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