Africa’s Big Boom
Africa is undergoing unprecedented economic growth, which is likely to persist, given that it is based on structural geographic and demographic factors. But Africa’s national governments still face significant challenges, particularly when it comes to supporting small and medium-size businesses.
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PARIS – Africa is undergoing a period of unprecedented economic growth. According to The Economist, six of the ten fastest-growing countries in 2011 were in Africa. Average external debt on the continent has fallen from 63% of GDP in 2000 to 22.2% this year, while average inflation now stands at 8%, down from 15% in 2000. This positive trend is likely to persist, given that it is based on structural geographic and demographic factors, such as rising exports, improved trade conditions, and steadily increasing domestic consumption.