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The economic growth of Africa is fenomenaal and the economic growth has jumped remarkable in Africa around the millenniumchange. The economic growth in subsaharian Africa lies now already a number of years above the 6 percents, which is the highest increase figures in 30 years time. Organisations such as World Bank and IMF expect that this increase will stay the coming years.




The economic growth is now largely above the population increase of Africa. This means that the per capita income for much African countries is now substantial increasing. This way the per capita income in botswana was 900 dollars in 1985, up to almost 9000 dollars in 2008. Just for the comparison: The per capita income of EU-MEMBER state Bulgaria was in that same year 6500 dollar.


If you look to countries such as Mali, Zambia and Tanzania. The per capita income in Mali was 170 dollars in 1985, and now 550 dollars in 2008.


The international investors have discovered Africa. African placement funds shoot at this moment as rockets from the ground. The output which was gained on the African share grants in 2007, was unprecedented. Nigeria: + 73%, Mauritius: + 54%, Egypt: + 41%, Morocco: + 24%, botswana: + 23%


The African diaspora which has gained economically and social success in the west, now has been more and more interested in Africa. In Abuja, Nigeria, a special centre has been built from the west returning assist nigerianen at doing investments and building companies in the mother country. An enormous investment effort has come on pace from other former Second and the third world countries, which want to profit of the African economic growth, the African raw materials and - and that is the most recent development - also of the African agrarian potential. China goes first but also India, Russia and Brazil . These new economic south-south relations are an interesting supplement on the existing North south relations and reinforce the position of Africa in the economic world. -

4. Infrastructure and ICT

At this moment large investments in infrastructure are done in African , but also in electricity supplies and the bank sector. But the most striking development takes place in the information and communication technology, where especially the super-fast increase of Internet and mobile telephony in Africa catch the eye. The impact of this on the African economy is enormous. Both technologies increase the access to information.

Tourism becomes always more important for much African countries. In Nigeria and South Africa the film and publicity industry are flourisng. Organising the WK football in South Africa in 2010, - the largest event that ever in Africa took place - not only means a large economic stimulant for entirely Southern Africa but gives Africans also the affirmative that they are capable to host such a big event. Also in the field of service business happens there in Africa a lot. Including on ICT area. In countries such as Uganda, Rwanda and South Africa they are developed actively in the open source software. Almost all large worldwide players in ICT have started up projects in this area in Africa. Also outsourcing take an enormous flight. In countries such as Kenya, Ghana and South Africa call centers of which large Western companies use to serve their customers, are built. They prefer always more often Africa above India and China. The time area is more favourable, the level of education in Africa is well, English that is spoken in Africa is much become better than in Asia and perhaps still most important: Africans have excellent communicative skills.


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Africa becomes more important supplier of raw materials Africa is rich to floor treasures. Most of the attention goes out to oil, but also gold, diamond, uranium, and purchaser is very important. The file African countries which appear have oil stocks becomes always longer. Only already added in the last couple year its guinee, guinee-Bissau, Ghana, Mali, Kenya, Tanzania and Mozambique to this list.

The challenge is not only win the raw materials but them also to will process to semi-finished products and end products. -

9. Higher food prices are at the same time a threat for urban Africa as well as an enormous chance for agrarian Africa Ever. A large part of the agrarian potential of Africa is not yet exploited.


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Now being a supplier of raw material is not the ideal position to be in. Africa should start producing more, and cut raw material exports which are just depleting the continent. Hopefully manufacturing would be the main focus of african economic development.
 

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The key here is that growth is fueled from the domestic market. Thats what creates sustainability. China's growth for example stems more from domestic consumption rather than exports, contrary to popular belief. Commodity prices are high, so commodity dependent countries will obviously boom during these periods. If you have strong consumer confidence this can override the bad times.

I don't mean to sound negative or pessimistic as I sometimes come out to be. And this is generally good news, but Africa needs something different to come out of its never ending poverty cycle. Increased commodity prices are a short term solution, their are signs that prices are already going down.
 

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Trading with each other more and producing more manufactured products can help.

That, and an investment in infrastructure (power, roads, rail, etc).

African nations have their best opportunity now to use their mineral wealth to make sure that they do not fall into the dependency track yet again. I am hopeful.
Definitely, apart from South Africa their really isn't a true manufacturing power in Africa. But inter African trade cannot happen if their isn't a robust domestic demand, which relates to what I'm saying about domestic consumption. It's al tied in.

Exactly and without improved infrastructure theirs no incentive to trade between African countries when its cheaper to do so with Europe and Asia.

Same.
 
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