The economic performance of Africa in the last few years has been remarkable. The continent has consistently defied the global trend.
Five years after the global financial system came perilously close to collapse, the global economic outlook is still uncertain. In Europe, GDP is still below pre-crisis levels and unemployment is at a record high. Recovery in the United States, although stronger, remains weak by historic standards, and even China, which has done so much to drive global growth, is slowing down.
Yet, in what some might call an unexpected twist, average growth in Africa over the last decade has been more than 5%. Of the 10 fastest-growing global economies, seven are in sub-Saharan Africa. But how will this economic spike be sustained? How do we ensure we continue along this trajectory?
It is the world’s appetite for Africa’s rich natural resources which, up to now, has been the major driver of this stellar record. And it is this same appetite that will provide both the opportunity and the solution for Africa to sustain these economic achievements.
While not all African countries are commodity rich, the continent has 12% of the world’s oil reserves, 40% of its gold, and 80% to 90% of its chromium and platinum. Africa is also home to 60% of the world’s underutilized arable land and has vast timber resources.
The idea that these abundant natural resources can be the driver for an industrial revolution across the continent is growing. The latest edition of the Economic Report on Africa (ERA 2013) sets out how the continent’s future will be determined by how policies that promote commodity-based industrialization are designed and implemented.
In this article you would read role of information and nanotechnology which has lead to exponential growth in this sector and its contribution to world economy.