The 2007-2009 global recession brought many changes to the world’s economy: Output slowed, unemployment rose, and financial institutions all over the world wrestled with the threat of imminent collapse. The crisis started in the United States and spread outwards. This is why it wasn’t surprising that the country’s trade with Africa suffered, slipping below China in 2009.
This looks set to change. Last week the US Secretary of State Antony Blinken paid visits to South Africa, the Democratic Republic of Congo, and Rwanda. During this trip he unveiled a document called the U.S Strategy Toward Sub-Saharan Africa which lays out plans to strengthen trade, commercial ties, advance pandemic recovery and economic opportunity.
If successful, the U.S could take over from China as Africa’s leading development partner. However, much of the US’ promises remain on paper, with little or no deals on the table thus far.
Dr Andrew Nevin, Partner and Chief Economist at PWC Nigeria as the guest for this topic, he explained the possibilities involved in the new strategy from Washington.
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