Lots of people associate Africa with eternal doom and gloom. But there's some reason for optimism. Africa is experiencing the highest growth in more than three and a half decades, and the growth is persistent.
Since the World Bank and the IMF have left the continent, humiliated and exposed as frauds, the region has begun growing again. (There's now a consensus that the Structural Adjustment programmes and the neoliberal policies advocated by the WorldBank and implemented by its non-elected offshore dictators are the main culprit for Africa's past economic disaster.)
Today, Sub-Saharan Africa is the world's fastest growing region, far surpassing East Asia, Latin America and the Middle East. (We're purely talking about hard GDP growth.)
Some numbers:
Spectacular growth, obviously, for the oil exporters:
Equatorial Guinea (+18,6%)
Mauritania (18.4%)
Chad (+18%)
Angola (+15,7%)
Congo-Brazzaville (+9,2%)
Soedan (+8%)
But it's not just oil, Africa in general is becoming an exciting place. The following countries have shown +5% growth figures consistently during the past five years and have done well this year again:
Uganda (+9%)
Malawi (+8,3%)
Ethiopië (+8,2%)
Liberia (+8%)
Mozambique (+7,7%)
Burkina Faso (+7,5%)
Sierra Leone (+7,2%)
Niger (+7%)
Cabo Verde (+7%)
Tanzania (+6,8%)
DR Congo (+6,5%)
Madagascar (+6%)
The two big bosses of Africa, Nigeria and South Africa, go along well:
Nigeria (+6.9%)
South Africa (+4,9%)
The only disaster is Zimbabwe (-6,5%), but that's because it's headed by a loony.
Now the big question is: will this great GDP growth be eaten up by population growth (which is kind of a problem in Africa)? Well, in most cases it won't. Most of the countries mentioned see their *per capita* GDP growth rising much faster too. So the good news is real good news.
Even the potential future powerhouse of Africa, non-oil producing Congo-Kinshasa, which has the continent's highest fertility and birth rate (with 3% annual growth and 6 kids per woman) sees its per capita GDP growth surpassing population growth spectacularly.
Moreover, and very importantly, these official statistics do not account for the vast informal economy that thrives in Africa. It's estimated that up to 40% of the entire continent's economy is based on it.
(A bizarre piece of news illustrates this well: mobile phones are selling like hot croissants all over Africa, so well that even the most conservative operators now see Africa as their last growth continent and they're venturing into it; the companies were perplexed, though: the official GDP growth figures could never explain the spectacular growth in demand for the product; and indeed, deeper research showed that the informal economy is entirely responsible.
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') A Yahoo News article describes how easy it is for financiers to underestimate: "The mistake, providers say, was to make plans based on GDP figures, which ignore the strong informal economy, and to assume that because land line use was low, little demand for phones existed." As it turns out, the low demand for land-lines was because quality/service was so awful, not because they weren't wanted. Cellular companies that did take the plunge have been richly rewarded: "Cell phone subscriptions jumped 67 percent south of the Sahara in 2004, compared with 10 percent in cell-phone-saturated Western Europe." The article also describes how cell phones have improved the lives and businesses of Africans, with one of the examples I've seen: "Wilson Kuria Macharia, head of the traders' association at the Nairobi market, says he no longer has to spend two to four weeks at a time roaming across Kenya and Tanzania in search of fresh produce. 'A few mobile phone calls take care of what used to be the most grueling part of the business.' "
http://www.worldchanging.com/archives/003636.html
So when talking about Africa, you never really get to see what's really there. The GDP numbers must be increased considerably.)
I think so, but on one condition: that the Euro-American technocrats and their offshore dictators, World Bankers and International Monetary Terror Fund Managers, do never set foot on the continent again.