Despite global economic headwinds, Africa's success story continues. The continent once labelled hopeless and backward just a few years ago, is now considered the world Cinderella after many countries changed course in the past two decades and achieved significant growth, reductions in poverty and improvements in social services.
The economic growth rate of the continent in the last few years has been significantly higher than the global economic average. In 2015, for example, Africa's economic rate of growth was expected to be 3.1 per cent as compared to a global average of 2.6 per cent although it slowed due to multiple shocks including sharp decline in commodity prices, tighter financing conditions, economic slowdown in China and severe drought in southern and eastern Africa.
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