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Why African economic development speed the fastest

         Date: 2012-03-20

           Tag: African economic, African economic development fastest

Summary: Africa's economy is backward, everybody knows, but in recent years, the economic development of Africa really fast, is this why? To watch below detailed introduction.

Africa's economy is backward, everybody knows, but  in recent years, the economic development of Africa really fast, is this why? To watch below detailed introduction.

Its economy, though still small, is now growing nearly TEN times faster than our own in the UK.

And it's not just Ethiopia — seared into the West's minds by the 1985 famine which sparked Live Aid — that is being transformed.

Ghana's output, or GDP, is expected to rise by nine per cent in 2012 — almost rivalling that of China.Zambia, whose footballers won the Africa Cup of Nations last month, is storming the economic league too.

In all, seven of the world's top ten fastest growing economies between now and 2015 will come from Africa.The growth rates across the continent are distorted by how poor the countries have been until now.

But big business has taken note of the opportunities. Just ask Diageo, the British company behind Guinness.

In January the company bought Meta Abo, Ethiopia's biggest brewer, for nearly £150million.

Tim Ohlenburg, senior economist at the Centre for Economics and Business Research, says: "Africa has a lot of natural resources such as oil and copper at a time of high commodity prices.

"But a middle class is also beginning to emerge, with a purchasing power, so they are becoming big and attractive markets."

Nigeria has been a big player for years thanks to vast oil reserves. But previously poor countries are catching up.

Economic output across sub-Saharan Africa was just $322billion in 2000. It is now FOUR TIMES higher at $1.22trillion — half the level in the UK.


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