Africa economy growing fastest of all continents – African Dev’t Bank

Africa’s economy is growing faster than any other continent, according to the African Development Bank.

A new report from the African Development Bank said one-third of Africa’s countries have gross domestic product (GDP) growth rates of more than 6 percent.

The continent’s middle class is growing rapidly – the share of the population living below the poverty line in Africa has fallen from 51 percent in 2005 to 39 percent in 2012.

Africa’s collective gross domestic product (GDP) per capita reached US$953 last year, while the number of middle income countries on the continent rose to 26, out of a total of 54.

The bank’s Annual Development Effectiveness Report said the growth was largely driven by the private sector, thanks to improved economic governance and a better business climate on the continent.

“This progress has brought increased levels of trade and investment, with the annual rate of foreign investment increasing fivefold since 2000. For the future, improvements in such areas as access to finance and quality of infrastructure should help improve Africa’s global competitiveness,” the report said.

Read more: BBC