Posts Tagged ‘boom ’

Africa’s Great Boom

Saturday, March 3rd, 2012

City Bowl – Cape Town, South Africa

Cause for hope

Another sanguine feature story came out about Africa’s economic growth. The Economist ran a cover story in 2000 headlined, “The Hopeless Continent”, reversed course in December 2011, dubbing Africa, “The Hopeful Continent”. A new African narrative is emerging, finally.

In the last decade, six of the world’s 10 fastest growing nations have been in the Sub-Sahara, and that trend is expected to continue into the foreseeable future. The continent rebounded quickly from the global recession reaching 6% growth last year, surpassing East Asia.

Africa is too vast and diverse to be handled in a broad brush treatment. Each of its economies is affected by a unique and dynamic set of drivers.

However, on the whole, the Sub-Sahara is being shaped by converging forces: global demand for resources, burgeoning consumer markets and government reforms are placing the continent on a path toward sustainable growth. Regional trade and foreign investment are increasingly important. There’s cause for optimism and for a closer look at Africa’s Great Boom.

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