Overall, the medium-term outlook for the world economy remains modest. In addition, global imbalances remain large and weigh heavily on growth prospects. However, there remain some risks for African countries arising from competition from Asia and the weakening of housing markets in advanced economies which could reduce demand and weaken commodity prices. Thus, African countries need to observe these international developments carefully. Measures to reduce vulnerability to external shocks, to increase diversification and to strengthen domestic demand are crucial to sustaining the recent growth recovery in Africa.
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