As 2019 begins, reasons for optimism about Africa’s ability to capitalize on the progress achieved in recent years and to advance the region’s economic potential abound. The 2014 terms of trade shock from the commodities slump that hit many countries in the region hard has largely dissipated. Across the continent, economic growth is projected to expand at the fastest pace in five years. Nearly half of the world’s fastest growing economies this year will be African.

Business environments are improving, thanks to widespread reform efforts, and Africa’s leadership and institutions are more assertive in advancing the continent’s agenda.

Under the leadership of the African Union, regional integration is advancing, specifically through the African Continental Free Trade Agreement (AfCFTA) and through policies in support of the free movement of Africans across the continent, bucking global protectionist trends. Unprecedented dynamism across the continent is creating trade and investment opportunities and is drawing interest from an increasingly diverse group of external partners. Democracy is consolidating, although the prevalence of tensions and, in some countries, violence during elections point to areas for improvement. The demographic tidal wave looms closer, and job creation has not yet been able to catch up.

Finally, despite continued progress on governance, more efforts are needed to eradicate corruption and to elevate the voice of women and young people in decision making.

Report by the Brookings Institution