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Africa is at a crossroads. Six of the world's 10 fastest-growing economies are now located in the region, and the continent's GDP is expected to grow at a rate of 4.1 percent this year, up from 3.6 percent in 2017 . The problem is that Africa's growth, while impressive, has been volatile, because it has been driven mainly by high commodity prices, rather than by manufacturing.Among other things, it explains why a region that produces about 75 percent of the world's cocoa accounts for just 5 percent of the nearly $100 billion annual chocolate market.Africa's manufacturing sector is the weakest link in its ongoing integration into the global economy.Fortunately, there is already a global consensus that industrialization matters, and that it is in everyone's interest for Africa to become the global manufacturing power it ought to be.To change the region's economic trajectory, African policymakers must focus on three key areas: industrial policies, infrastructure financing, and leadership.No country has ever undergone economic modernization without industry.All told, Africa is well-placed to seize many of the opportunities that the global economy offers emerging markets.
A truly global response to climate change
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