Africa Has Some Of The Fastest Growing Economies In The World

Ethiopia-sign

Photo taken by Andrea Lainé

Experts say that Africa has some of the fastest growing economies in the world. The International Monetary Fund and the World Bank have both said that countries such as Ghana, Rwanda, Ethiopia and Mozambique are all maintaining significant economic growth. As Europe and the USA struggle with persistent recessions and countries such as Spain and Greece suffer massive unemployment, these African countries have seen huge growth which some say could be attributed to the thriving middle classes.

The mobile phone – which most of us take for granted in other countries – has become the status symbol in many African countries. Over 70% of adults in Nigeria for instance, now has a mobile phone.

According to the World Bank, five of the Top 10 fastest growing economies in the world in 2012 were from Africa: Sierra Leone (top ranking) followed by Niger (third), Ivory Coast (fifth), Burkina Faso (sixth) and Ethiopia (eighth).

Read more about why Africa has many of the fastest growing economies in the world>>

 

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