Strong Forecasts for Continent

Are we living in Africa’s age of aquarius?

Africa is rising, and it could emerge from the crisis stronger than most people think. Africa’s renaissance is firstly economic. The continent’s inflation-adjusted GDP has roughly doubled from $130 billion in the 1980s to $300 billion in 2008, according to Goldman Sachs. The continent has had 7 percent annual growth in the 2000s, coming on the heels of 2 percent growth in the 1990s. The commodities boom contributed, but other under-recognized factors played a role. While global forecasts for growth hover around just 0.5 percent, the International Monetary Fund is still forecasting a 3 percent growth rate across Africa-despite depressed commodity prices and decreased investment from China. One foundation for growth is better governance. According to Transparency International, perceived corruption in Africa is declining. Another is technology.

Let the sunshiiiiine iiiiinnnn!

From Foreignpolicy.com