How fast is Africa really growing?
Over the past decade, much has been documented about the pace of growth of African economies. From the mainstream media to President Obama’s U.S.-Africa Leaders’ Summit, the Africa Rising phenomenon has permeated the psyche of anyone paying close enough attention to global economic shifts in recent times.
But how fast is the continent really growing?
As the world’s fast growing region, Africa is experiencing explosive growth across various economic fundamentals. Check out some pertinent metrics below.
Poor data availability on the continent has meant that economists have found it hard to quantify the true extent of growth of the continent. However, even with the existing outdated data inputs, the continent’s future appears brighter than ever.
As a result of these improving fundamentals, Africa’s perceived attractiveness relative to other regions has improved dramatically over the past few years and according to Ernst and Young, the continent has moved from the third-from-last position in 2011 to become the second-most attractive investment destination in the world. Despite the myriads of challenges, it indeed is happy days ahead for the continent.