26 April 2013

One in Four African Countries May Double GDP This Decade

For a change here is some good economic news. From the World Bank's latest Africa's Pulse:
About a quarter of countries in the region grew at 7 percent or better, and several African countries are among the fastest growing in the world. Medium-term growth prospects remain strong and should be supported by a pick-up in the global economy, high commodity prices, and investment in the productive capacity of the region’s economies.
Seven percent is pretty good. It is not a threshold, or a tipping point, but as a growth rate it has the neat quality that 7% is about what you need to double in size in ten  years. 

Growth alone does not guarantee development, and the report points out that poverty reduction lags behind the economic performance. This is basically good news; for many people the world is becoming an easier place to live.

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