In the last decade, Africa has weathered major economic storms, quickly recovering from crises that have crippled other countries .In some instances, the continent has prospered from the crises.
In the first half of the decade of 2000s, growth was driven by good commodity prices. At home, the business sector exploited opportunities at home, that the TNCs could not due to their indebtedness.
Now the Financial, retail, manufacturing, communications and transport sectors are driving growth in Africa. And most players in these sectors are homebred. This ensures that profits are retained at home and taxes are properly paid. Growth has been domesticated. And Africa is poised to be the fastest growing economy in the world over then next five years. Among the fast growers will be Tanzania, Ghana, Mozambique, Zambia, DRC and Ethiopia
East Africa Economic Report: Africa shrugs off a fourth economic crisis in a decade
In the first half of the decade of 2000s, growth was driven by good commodity prices. At home, the business sector exploited opportunities at home, that the TNCs could not due to their indebtedness.
Now the Financial, retail, manufacturing, communications and transport sectors are driving growth in Africa. And most players in these sectors are homebred. This ensures that profits are retained at home and taxes are properly paid. Growth has been domesticated. And Africa is poised to be the fastest growing economy in the world over then next five years. Among the fast growers will be Tanzania, Ghana, Mozambique, Zambia, DRC and Ethiopia
East Africa Economic Report: Africa shrugs off a fourth economic crisis in a decade
