Embracing Impact: How Africa Can Overcome the Emerging Market Downturn
Dr. J. Peter Pham
Director, Africa Center
Senior Fellow, Africa Center
CEO and Managing Director
Nigerian Sovereign Investment Authority
Others to be confirmed
In January 2016, oil prices fell to their lowest levels in more than a decade. Meanwhile, China, the world's second-largest economy, is experiencing its most sluggish growth in a quarter century. The effects of this broad slowdown will hurt African economies more than most, because China and other emerging markets have not only been primary consumers of African commodities, but also have been significant sources of financing for the major infrastructure and other development projects that are essential to Africa's future growth.
The current emerging market downturn offers a serious challenge to economies across the developing world. Some countries—including Morocco, Senegal, Côte d'Ivoire, and some of those in East Africa—will weather the downturn better than their neighbors and will use current economic conditions as an opportunity to effectively prepare for future price shocks. Hopefully, others will follow.
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This report is part of a partnership between the Atlantic Council’s Africa Center and the OCP Policy Center and is made possible by generous support from the OCP Foundation.
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