Editorial

Three notable events of the twenty-first century demonstrate the relatively higher vulnerability of African economies than industrialised economies to stressful global socio-economic and geopolitical events. The first event was the 2008 financial crisis, which ended the primary commodities super-cycle. Before the crisis, many African economies benefitted greatly from exporting their primary commodities, reaching unprecedented high prices.1 However, the 2008 financial crisis had a profound impact on these economies, bringing an end to the period of prosperity. During the era of rapid industrial development and urbanisation, the demand for primary products surged in China, India, and other emerging economies, and many African countries benefitted from exporting primary products.2 However, when demand faltered because of the subprime mortgage market collapse in the United States of America (USA), African countries that depended on the export of primary commodities suffered immensely as they had limited export alternatives due to their less diversified diverse economies. The second factor was the Covid19 pandemic and its related management mechanisms that affected global supply chains negatively. Access to products and components was compromised, and again Africa suffered greatly.3 The third factor is the Ukraine-Russia war that is raising global food prices with adverse effects on many African people whose countries rely on imports to nourish their citizens.4 Indisputably, Africa is bearing the brunt of these events because of its underdeveloped state. The continent is likely to continue suffering from the negative effects of major local and global catastrophes if it does not improve its economic, social, and environmental conditions adequately and appropriately.