Future Growth Prospects in Africa - 1906 Words

Africa is a region that has for long been taunted as the dark continent. Years of political cynicism, proliferation of civil wars and governance mismanagement have negated the growth and development of the continent. However if the present positive growth patterns and future economic projections are anything to go by then the continent is set to undergo a massive transformation by 2025. African economies are showing impressive growth, with an average Gross Domestic Product (GDP) growth forecasted to be 6.3 % in 2013, Africa has become the fastest growing region in the world, and only a few Asian countries will continue to grow faster than the continents top performers. Africa`s growth projections are premised on the backbone of an anticipated educated young population growth, rising intra-African trade, investments in public-private partnerships and commodity-based industrialization. This paper gives an impetus to the future prospects of Africa by highlighting inter alia the present growth trends and envisaged future prospects. It also analyses what still needs to be done to ensure the envisaged growth projections are realized. Africa`s population growth is the highest in the world and by 2025 it will be the only continent where the youth population will expand. The projections also show that by 2035 Africa will have a larger working population more than that of India and or China (Mo Ibrahim forum 2013). This working population has the ability to transform theShow MoreRelatedThe Economic Development Of Kenya1251 Words   |  6 PagesKenya is the regional leader in East Africa and this position is expected to be a constant over time. The economy is fairly diversified with a strong and well developed services sector. 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