Africa is a rich continent. Some of those riches – especially oil, gas and minerals – have driven rapid economic growth over the past decade.
Africa stands at a crossroads. Economic growth has taken root across much of the region. Exports are booming, foreign investment is on the rise and dependence on aid is declining. Governance reforms are transforming the political landscape. Democracy, transparency and accountability have given Africa’s citizens a greater voice in decisions that affect their lives.
Once synonymous with macroeconomic mismanagement and economic stagnation, Africa now hosts some of the world’s fastest-growing economies. When it comes to growth, Ethiopia rivals China, and Zambia outpaces India. Contrary to a widespread misperception, there is more to the growth record than oil and minerals – and more than exports and foreign investment. African business groups have emerged as a powerful force for change in their own right, in areas such as banking, agro-processing, telecommunications and construction.
Booming Economies
Africa’s growth has been helped not only by booming commodity prices but also by improvements in macroeconomic policy.
Africa has taken huge strides over the past decade. Economies across the region are booming. Average incomes have risen by more than one-third, reversing a decline during the 1990s. Foreign direct investment has more than doubled. African conglomerates have started to flex their muscles. New technologies such as mobile banking are being adopted at breakneck speed.
Africa remains one of the world's fastest growing regions
Building on Growth
Opportunities Recognition Based on Knowledge and Experience
The 49 countries in Sub-Saharan Africa vary enormously in their recent economic performance and their growth prospects. Ethiopia and the Democratic Republic of the Congo may both be fast-growing economies, but that is where the similarities end. The challenges facing the Central African Republic and South Sudan are not those facing Kenya or Zambia. So the sweeping generalizations that dominate media coverage of Africa – often prompted by crises – are as inaccurate as they are unhelpful.
Africa renains one of the world's fastest growing regions
Customers are the Source of Real Growth
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