Growth and Global Integration 2005–
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In the last 15 years many African economies have grown substantially. The continent has experienced improved macroeconomic stability and attracted more foreign direct investments. Hillbom and Green argue that the recent trends are providing Africa with opportunities for turning growth spurts into sustained economic development with poverty reduction. In the current era of high globalization and new South–South relations Africa could benefit. However, there are worrying signs as well. While we have seen some productivity growth in agriculture and increased urbanization, Africa is still experiencing modest industrialisation and most new jobs are created in the low productive service sectors. At the end of the day, most African economies and their people remain vulnerable for exogenous shocks and the road ahead is uncertain.
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