Africa's growth prospects appear favorable in the medium term, driven by continued and prudent macroeconomic management and strong domestic demand, supported by growing public and private investments, especially in infrastructure, in most countries. Growth is expected to reach 3.6% in 2018 and 3.8% in 2019. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay However, the slow recovery of growth in advanced and emerging economies and the tightening of financial markets in developed economies could continue to negatively affect export demand and reduce foreign direct investment inflows to Africa. Government debt levels are sustainable, but remain high, making it necessary to invest borrowed funds in productive sectors to generate returns that could enable timely repayment and improve countries' growth prospects. Some countries may also face difficulties in repaying their debts as they face low growth prospects, widened fiscal deficits, weaker currencies and lower export earnings. Given the continent's current economic outlook, the promotion of industrialization in Africa should continue to meet the needs of private businesses, particularly SMEs that represent the backbone of the private sector across the continent. The continent undoubtedly needs to promote “Made in Africa” in which the private sector, especially SMEs, has a crucial role to play. African industrial policies should be consistent with other policies, including trade policies, to promote value addition and economic diversification. These policies could include “smart protectionism,” whereby nascent industrial sectors can develop productivity through learning by doing, technological upgrading, support from leading companies, and reduction of tariffs on inputs imported into industrial sectors , as well as the reduction of barriers to imports of services that constitute inputs for the industrial sector. Industrial policies should also pay attention to the development of production services, such as design, marketing and branding that promote “Made in Africa”. The mobilization of finance to support the private sector in Africa cannot be overstated. Promoting the development of financial markets, which leverages national resources for long-term development, and which is inclusively accessible to a range of economic actors would be a significant contribution to improving the capacity of the African private sector to participate in industrialization of the continent and the development of value chains. At regional and continental levels, tapping cross-border financial flows from the African diaspora, which remains a constant source of external inflows, could prove crucial to the continent's development. Initiatives to improve the use of remittance channels, cutting associated costs and mobilizing remittances for investment purposes, could help channel diaspora finance into the process of industrializing African economies. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay It is also important to highlight that our continent will have to actively promote all practicable means of domestic and foreign resource mobilization. This includes leveraging excess liquidity in the banking sector for the..