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In post 2008 crisis world, along with emerging markets, African economies rose to prominence as many economists considered the region as next destination, though to present high level of economic expansion and growth.
However, that dream has stalled for now as African economies face three critical challenges
- Threat of terrorism - Though terrorism is a global threat, it is acute in Africa. Given the countries' lack of funds and capability governments are not in a great positions to tackle Islamic State offshoots and organization like Boko Haram.
- Weakness in China - African economies over the past couple of years has been benefactor of inflows from China and large scale imports to China. Further weakness in Chinese economy means further trouble for African counterparts.
- Lower oil price - Many large African economies such as Nigeria, Congo, Gabon, Angola are exporter of crude, which generates about 60-90% of the government revenue. Longer the lower oil price, larger is the threat to African economies.
