It’s always great to start the New Year with some cheery news, and an article forwarded to me about Africa’s impressive rise up the economic ladder certainly qualified as good news. According to The Economist, Africa is now one of the world’s fastest growing regions. An analysis by The Economist found that over the last ten years, six of the world’s ten fastest growing economies were in sub-Saharan Africa.
The article goes on to say that over the past decade the simple unweighted average of countries’ growth rates was virtually identical in Africa and Asia. Over the next five years Africa is likely to take the lead. And I can’t help but note that Zambia is on the list of top 10 fastest growing economies for 2011–2015 and Africa scoops seven of these top ten places! This brings a smile to my face.
So far, the world has had its attention firmly fixed on what are known as the BRIC countries which is an acronym for Brazil, Russia, India and China, countries that are deemed to all be at a similar stage of newly advanced economic development. However, Africa has certainly not shied away from jumping in. In 2010 China formally invited South Africa to join the BRIC group despite slight differences in the economy of South Africa in comparison to the rest of the BRIC members. And so, the acronym became BRICS. BRICS is said to be a widespread symbol of the shift in global economic power away from the developed G7 (France, Germany, Italy, Japan, United Kingdom, United States and Canada).
As Africa is tipped to grab seven of the top ten places over the next five years, according to IMF forecasts, the best news will be to see statistics like these beginning to change the lives of African people. It is hoped that better pay, better living conditions and increased job opportunities improve the livelihoods of our people as the economy rises. This calls for good governance that can attract investment into the country and make wise reinvestments that will ensure even greater returns.
This news inspired me so much that I will end with my own personal quote, “As sure as the sun rises every day, so will Africa rise.”
Read the full Economist article — The Lion Kings? here.