Will Africa’s Economic ‘Boom’ Last? Some Say It’s Just Africa Catching Up

Will Africa’s Economic ‘Boom’ Last? Some Say It’s Just Africa Catching Up

From Deutsche Welle.

Two out of three Africans have cell phones, markets are growing, billionaires are on the rise and business is booming, but some experts say Africa is just catching up, and they’re  skeptical about how long it will last.

Sub-Saharan Africa’s economy will grow an average 5 percent from 2013 to 2015 compared to 3 percent for the world, but high growth rates are no reason for euphoria, says Robert Kappel, a German Africa researcher from the GIGA Institute in Hamburg, according to a report in Deutsche Welle.

Kappel researched development prospects of 42 sub-Saharan countries and says international comparisons show most of them are performing poorly.

Industrialization in Africa remains slow and agriculture cannot even meet the needs of Africa’s own populations. Job markets show zero growth, according to Deutsche Welle.

“Africa is doing well,” said Strive Masiyiwa, one of Zimbabwe’s wealthiest people and founder of Econet Wireless. “But if we are to sustain this and to ensure growth that allows for employment creation for the youth and greater equitable distribution of prosperity, then we need to speed up the reforms, deepen transparency, reduce bureaucracy in getting projects approved.”

Even in oil-rich countries like Nigeria, poverty is growing and political turmoil and corruption are hindering real development successes, Kappel said.

Read more at Deutsche Welle.