Energy ambitions and a touch of reality
Nolawi Melakedingil
News of sluggish economic performance in the euro zone and across the Atlantic in the wake of the 2007 financial crisis and its destabilizing impact for the world was steadily offset – thanks largely to manufacturing growth in China and commodity riders of the Middle East and Latin America. As the Asian powerhouses demanded more energy, food and metals and had no problem paying for it, suppliers of Brazilian ore and their counterparts in the Gulf and Africa kept investment and growth going. This much is true about the recession in the west and the emergence of growth centers elsewhere, which became a narrative that left the story of a more important growth trajectory taking shape, albeit quietly, in Africa.