Contemporary economic challenges in Africa appear to be shifting the continent into a new era of development. From COVID-19 to war-induced inflation, many countries in Africa are facing significant economic challenges. The crises of recent years come on top of longer-term increases in debt, especially after the 2014 commodity price shock.
These circumstances have been the backdrop to recent conflicts, coups, and regime changes. But these contemporary crises follow a period of relatively successful state-led development in the first two decades of the 21st century, resulting in a hype about the new “African lions” and the emergence of an “Africa rising” narrative.
Two cases stand out as emblematic of this era: Rwanda’s vision of a Dubai-style financial and service hub, and Ethiopia’s rapid manufacturing and infrastructure ambitions.
