ABSTRACT
In recent years, globalization-characterized by new markets, technology progress, and emerging trading actors, such as China-has not only spawned new opportunities and realities, but also persistent challenges to economic transformation and the acceleration of economic growth. Not surprisingly, this global economic context has created a period of high growth for a signi cant number of countries in sub-Saharan Africa (hereafter Africa). Based on its own historical standards, Africa’s recent growth rate is unprecedented, surging from 5 percent in 2000 to 6 percent in 2012. Although this seems to paint a beautiful picture, examining African economic history reminds us that this region is not new to high growth rates. Such episodes have occurred in the past, but they were not sustained long enough to induce changes in living standards. Most importantly, high growth is not the same as sustained growth; thus, using it as proof of Africa’s new fortune is a misguided approach (Eunomix, 2013; Rowden, 2013).
