Africa

The economies of African countries were severely affected by high inflation caused by the Russia-Ukraine war and the consequences of theCOVID-19 pandemic. This worsened the already soaring energy and commodity prices in this region. In Angola and Nigeria, the respective governments announced the removal of fuel subsidies in 2023, but these measures resulted in unrest, and so far, the proposals have not been implemented. Western African countries such as Burkina Faso, Mali, Guinea, Niger and Chad have been experiencing political instability since 2020. Most recently, in August 2023, Gabon was the eighth country to have its government overthrown.

Following the Ukraine-Russia war, the G7 (the group of seven countries including Canada, France, Germany, Italy, Japan,