Business
Africa facing unprecedented growth: Continent hosts 6 fastest growing economies
Six of the world’s fastest growing economies are in sub-Saharan Africa, among them Uganda and Ethiopia, according to UK-based economic experts Ernst & Young.
According to a new report by the consultancy, growth in sub-Saharan Africa from 2003-2010 averaged 5.7 percent and is expected to have been over five per cent in 2010 and 2011.
This makes Africa the second fastest-growing region in the world after Asia.
The report says that while economic growth had failed to address the gap between rich and poor in Africa, with only one in four people having access to electricity, there were indications that things were changing.
“Africa’s long standing problems are still evident in many countries: food shortages, high inflation, poverty, corruption and autocracy,” the report says.
“But democracy is making strides across the continent and there has been a steady improvement in economic policies.
“Many African countries have also passed significant economic and legislative reforms, making them much more business-friendly in order to attract foreign direct investment.”
