According to Ventures Africa
That Africa is set to become the world’s economic engine in the next 10 years or during the 21st
century is no doubt a well-known fact. But that almost all the 54
countries on the continent compete fiercely to be in the top position of
the 5 fastest-growing economies in Africa is little known. However, it
becomes evident when the names of the top performing economies on the
continent changes each year.
According to auditing firm Ernst & Young’s 2013 Competitive
Survey, the projected GDP growth from 2012-2017 identify Malawi,
Mozambique, Angola, Ethiopia and Zambia as economies that will
outperform others.
Malawi tops the list with an expected GDP growth during this period
of 7 percent and followed closely by Mozambique at 6.8 percent economic
growth.
Despite the negative impact of global economic crises, the size of
the African economy has more than tripled since 2000, according to Ernst
& Young. The continent also hold bright prospects, with many
countries in Africa set to continue recording high economic growth
levels in the future.
The cynics will more often than not opine that most of this economic
growth is being driven by natural resources. But that is certainly not
the case.
According to the International Business Times website, the number of
Africans living in the cities has surged dramatically and it could soon
surpass that of India, which is considered to be the leader at this
stage. It is believed that in the next 16 years, half of all Africans
will be living in the cities. It is also understood that Africa’s middle
class is set to be bigger than that of India.
The market influences of the west, which Africa is increasingly
approving, are pushing down inflation and reducing sovereign debt.
Intra-African trade is changing on the continent with Africa boasting
five growing trade blocs. In total, Africa has a $2 trillion economy,
according to the International Business Times.
Underlisted are the top performing economies in Africa.
Malawi
According to the African Economic Outlook, Malawi’s economic growth
in 2013 and next year is forecast to bounce back to 5.5 percent and 6.1
percent respectively. The state has renewed its commitment to credible
macroeconomic policies. Good governance has prompted the International
Monetary Fund (IMF) to approve a new Enhanced Credit Facility (ECF)
programme for the country. This has led to the reopening of donor
financial back-up to Malawi.
Mozambique
Mozambique’s steady ramping up of coal production, the implementation
of large infrastructure projects and credit expansion are expected to
continue to drive growth to 8.5 percent in 2013 and 8 percent in 2014,
according to the African Economic Outlook. The World Bank says the
country’s emerging extractive industry could also provide the means for
Mozambique to reach the status of a middle-income country by 2025.
Angola
Angola’s economy bounced back robustly after recording sluggish
growth due to oil and financial crises. The Report forecast growth in
Angola to rise to 8.2 percent in 2013 and 7.8 percent in 2014 on the
back of oil and gas sector expansion. There is also a public expenditure
programme made to inspire economic diversification.
Ethiopia
Ethiopia’s economy saw a ninth successive year of vigorous growth
last year estimated at 6.9 percent, the African Economic Outlook states.
The growth was driven by a surging role for services and industry. This
motion is set to stay until next year.
Zambia
Growth in real GDP moved faster to 7.3 percent last year from 6.8
percent posted in 2011. In the next 24 months, economic growth in Zambia
is forecast to stay strong. In 2012, the economy continued to be strong
driven by expansion in agriculture, construction, manufacturing,
transport and finance. According to the African Economic Outlook,
prospects for the future of the country remain bright.
I don't see Nigeria here. Do you agree?
No comments:
Post a Comment