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Sluggish global growth has been characterized in particular by China's loss of momentum and the shock to commodity prices. Sub-Saharan Africa has not been spared in this global tempest and seeks to maintain growth against wind and tide. Commodity producers are the most affected. The ability to adapt to these shocks is crucial for these countries, especially as financing conditions have deteriorated. Some have made rapid decisions and adjustments via a more restrictive policy mix, but others have found it more difficult to recognize the lack of sustainability of their economic policies. For example, Nigeria, after unsuccessfully trying to resist the downward pressures on its currency, decided on June 20 to adopt a more flexible exchange rate regime. But does Sub-Saharan Africa, this land of opportunity, still have wind in its sails? Are these cyclical shocks likely to continue to hinder these economies and jeopardize their growth potential?

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