China’s massive growth has been one of the greatest stories over the past several decades.
But the Chinese economy certainly isn’t the only one posting huge growth rates.
Africa is on the move and according to McKinsey 7 Company’s report, ‘Lions on the Move: The Progress and Potential of African Economies’, Africa’s combined Gross Domestic Product will be $2.6 trillion by 2020. The report further says that “Africa’s consumer spending by 128 million households with discretionary income is expected to be around $1.4 trillion.”
According to the Economist Corporate Network (ECN), the past twenty years, the center of the global economy has been shifting from the developed to the developing world. Today, growth rates in developing economies are many times higher than in developed economies. Sub-Saharan Africa, in particular, is one notable case in point. In 2018 Sub-Saharan Africa’s GDP is expected to grow at 4.5%, making it the fastest-growing economic zone in the world, outpacing Asia’s regional average of 4.3% annual growth.
Africa is world’s greatest sources of raw materials used in different parts of the world. That alone puts Africa at the forefront in terms of growth prospects in future. This however, depends on various variants like technological advancement, bureaucracy, corruption, skills shortages and personal safety and regulatory environment.
These countries are certainly not the most developed ones, but their economic progress is praiseworthy.
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