Several reports and studies have revealed how Africa is influencing global business activities. Private business investment in sub-Saharan Africa is expected to top $30 billion this year as growth rates remain steady at just under five per cent.
A recent report from the World Bank says that “consistently high commodity prices and strong export growth in those countries which have made mineral discoveries in recent years, have fuelled economic activity and are expected to underpin Africa’s economic growth for the rest of 2012”.
The same study also notes that poverty rates have been falling faster than one percentage point a year. For the first time, between 2005 and 2008, the absolute number of people living on $1.25 a day fell. Child mortality has also been on a steady decline.
Other than the continent’s largest economy, South Africa, growth in Sub-Saharan Africa is forecast to rise to 6 per cent, this year according to African Pulse, a World Bank publication. It notes that African exports rebounded notably in the first quarter of 2012, growing at 32 per cent annually.
The new report notes that after 10 years of high growth, an increasing number of countries are moving into ‘middle-income’ status, defined by the World Bank as those countries achieving more than $1,000 per capita income.