SSA: Upside growth surprises are very likely
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An uptick in Africa’s economic growth seems well underway. This will most likely prompt forecasters like the International Monetary Fund (IMF) to upgrade their growth forecasts for 2017 and 2018. The laggards are likely to be those commodity exporters that are not allowing their economies to adjust to a low commodity price environment. These countries have been consistently employing a whole host of measures to restrict imports and, perhaps inadvertently, capital flows. These measures have included FX rationing and market segmentation.