Africa: Economic growth takeoff

The development of the continent has built up enough and assures a good economic takeoff that allows prospects to reverse, positively, the African economic trend by 2020. Africa can hope to join the major global economic spheres. This optimism is based on an acceleration of growth, leading the continent to an advanced level of development. Africa is at the dawn of sustainable growth, which shows an increase of 4.9% of gross domestic product (GDP) between 2008 and 2009, twice more than in 1980-1990.

The Africa prowess is due essentially to its renewed dynamism, to its raw materials, but also to a certain propensity for the political stability in many countries. Experts see two levers that allowed the continent to have a positive growth rise since 2008, while the West countries have plunged into unprecedented economic and financial difficulties. Africa has become a melting pot of potential well provided for many of these so-called developed countries. The sectors that have caused such performances are telecommunications, banking, retail trade and construction. Most African countries have adopted since the early 90s in building service sectors, including telecommunications, which are today the main driver of their economy. There are, in parallel to these aspects, the agricultural sector which has really improved rural people life conditions, while subduing the rapid urbanisation. Therefore, the experts are encouraging to invest more than ever on the African continent. Move to Africa is now an immediate imperative for European business. African development will be done. The economic takeoff of Africa today is driven by the private sector through its enormous human potential, bolstered by its natural resources. Africa produces 10% of crude oil and 20% of the world’s gold. Between 2000 and 2008, inflows of foreign capital rose by 900%. The agriculture sector has managed to mobilise a 280 million US dollars and should grow significantly by 20%. All this potential is completed by the rush of many countries towards the development of infrastructures, essential component to development and that was largely lacking in Africa. Today, Africa has its development groups, composed by the diversified economies leading group, followed by the oil producing countries, the transit countries and the pre-forwarders countries. This breakdown can easily reverse the trend by the year 2020, if and only if an economic coordination is applied within the African continent, once abandoned.