A recovery in commodity prices was due primarily to rising prices for oil and natural gas and was thus a strong positive for exporters of those commodities.
Nigeria and South Africa have both benefited from
a recovery in commodity prices since early 2016, though not as much as their main trading partners — China, the United States and the euro zone.
The recovery in commodity prices has taken some of that pressure off, and both these bonds and share prices have rallied.
Last year, India posted the strongest growth of the large economies at 7 %, China expanded at over 6 %, the Euro Zone grew 1.5 %, Russia emerged from a deep recession, and economies in South America and Africa benefited from
the recovery in commodity prices.