That Africa is set to become the world’s economic engine in the next 10 years or during the 21st century is no doubt a well-known fact. But that almost all the 54 countries on the continent compete fiercely to be in the top position of the 5 fastest-growing economies in Africa is little known. However, it becomes evident when the names of the top performing economies on the continent changes each year.
According to auditing firm Ernst & Young’s 2013 Competitive Survey, the projected GDP growth from 2012-2017 identify Malawi, Mozambique, Angola, Ethiopia and Zambia as economies that will outperform others.
Malawi tops the list with an expected GDP growth during this period of 7 percent and followed closely by Mozambique at 6.8 percent economic growth.
In the third place is Angola with the projected GDP growth of 6.5 percent in the next six years. Ethiopia’s GDP growth is expected to be 6.3 percent while Zambia is expected to grow its GDP by 6.2 percent.
Despite the negative impact of global economic crises, the size of the African economy has more than tripled since 2000, according to Ernst & Young. The continent also hold bright prospects, with many countries in Africa set to continue recording high economic growth levels in the future.
The cynics will more often than not opine that most of this economic growth is being driven by natural resources. But that is certainly not the case.
According to the International Business Times website, the number of Africans living in the cities has surged dramatically and it could soon surpass that of India, which is considered to be the leader at this stage. It is believed that in the next 16 years, half of all Africans will be living in the cities. It is also understood that Africa’s middle class is set to be bigger than that of India.