The African nation has seen exciting growth and advancements over the last several years. From increased agricultural productivity and exports – particularly in Ethiopia, Kenya, and Senegal, growth in the telecommunications and technology sectors, and the development of infrastructure and energy projects, Africa’s economic landscape is transforming to become a rising force on the global stage.
These changes are a promising sign. Statistically, Africa has been one of the poorest regions in the world, with nearly 50% of its population living in extreme poverty. Poor governance, population growth, war, and unjust trade structures are just a few of the contributing factors. And while the road to recovery will be a long one, there is hope that this new path will pave the way for future prosperity.
While it’s hard to predict what will come next, here are a few potential developments we are hopeful to watch unfold:
- Continued growth in the telecommunications and technology sector, with the potential for Africa to become a significant player in the global digital economy.
- An increase in sustainable development, along with interest in eco-tourism.
- An increase in foreign investments to drive economic growth and job creation
- An increase in disposable income and a rise in the middle class to provide opportunities for new small businesses in retail, consumer goods, and services.
- The role of digitization and tech could help increase productivity, improve access to finance, and promote innovation in the agriculture, health, and education sectors.
But perhaps the most significant and exciting development is the progress of The African Continental Free Trade Area (AfCVTA).
For far too long, Africa has been limited by unfair and unjust trade agreements with wealthier nations, preventing them from being able to take its place on the global stage. This “projected $3 trillion borderless market could be instrumental in reversing current trends in poverty, inequality and growth on the continent, and help place Africa on an inclusive and sustainable growth path.”
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Do you agree that the nation of Africa is on the correct course to achieve new growth and prosperity? Let us know your thoughts in the comments below.
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