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A Hopeful Continent

African lives have already greatly improved over the past decade. The next ten years will be even better. A booming economy has made a big difference. Over the past ten years real income per person has increased by more than 30%, whereas in the previous 20 years it shrank by nearly 10%. Africa is the world’s fastest-growing continent just now. Over the next decade its GDP is expected to rise by an average of 6% a year, not least thanks to foreign direct investment. FDI has gone from $15 billion in 2002 to $37 billion in 2006 and $46 billion in 2012. Many goods and services that used to be scarce, including telephones, are now widely available. Africa has three mobile phones for every four people, the same as India. By 2017 nearly 30% of households are expected to have a television set, an almost fivefold increase over ten years. Nigeria produces more movies than America does. Film-makers, novelists, designers, musicians and artists thrive in a new climate of hope. Opinion polls show that almost two-thirds of Africans think this year will be better than last, double the European rate.

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Credited Source: 
The Economist
Post date: 
11 June 2015
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