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You are here:Home>>Strategic Research & Analysis>>5 African countries Among 10 Fastest-Growing Economies
Saturday, 11 May 2013 15:56

5 African countries Among 10 Fastest-Growing Economies

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Laumda, Angola Laumda, Angola

 

5 African countries Among 10 Fastest-Growing Economies In The World

According to the most recent compilation, five out of ten fastest-growing economies in the world are in Africa.The global economic growth forecast has been cut down to 2.4 percent from previously 3.0 percent by The World Bank for 2013. The slow down is being attributed to sluggish economic growth as aresult of recession in many parts of the world . United States of America has not fully recovered from past recession and Europe is now experiencing double dip recession due to large debt and deficit, rooted in excessive spending, weakening macroeconomic stability and bloated public sector. Africa continues to look hot with growth above 5.0 percent and with increasing foreign exchange reserve accumulation especially by Nigeria, Angola and Ghana.

 

#10: Ethiopia

2012 GDP: +7.80%

2013 GDP: +7.50%

2013-2015

GDP CAGR: +7.96%

Economy: Coffee has been a major export for the nation. While GDP growth rates are high, GDP per capita remains among the global laggards. In Ethiopia, the state owns all land, which is significant since agriculture accounts for over 40 percent of GDP.

 

 

#9: Angola

2012 GDP: +8.10%

2013 GDP: +7.20%

2013-2015

GDP CAGR: +8.08%

Economy: This OPEC member has 85 percent of its GDP come from oil production and related industries. The nation remains marred by corruption and the land mines left over from decades of civil war. Most Angolans practice subsistence farming to make a living.

Source: World Bank, CIA World Factbook

 

 

#8: Laos

2012 GDP: +8.20%

2013 GDP: +7.50%

2013-2015

GDP CAGR: +8.08%

Economy: 75% of Laos’ workforce practices subsistence farming, which accounts for around 30% of GDP. Foreign investment in hydro, mining, and construction has spurred Laos’ growth and reduction of poverty over the past two decades. Laos’ debt burden is modest compared to many of its Asiatic counterparts.

Source: World Bank, CIA World Factbook

 

 

#7: Ghana

2012 GDP: +7.50%

2013 GDP: +7.80%

2013-2015

GDP CAGR: +8.15%

Economy: Ghana’s developed Services sector contributes 50% of GDP, while oil, gold, and cocoa production provides the basis for future growth. Inflation is expected to outpace even robust real GDP growth over the next two years, and reducing the debt load remains a challenge for this middle-income African nation.

Source: World Bank, CIA World Factbook

 

 

#6: Mozambique

2012 GDP: +7.50%

2013 GDP: +8.00%

2013-2015

GDP CAGR: +8.73%

Economy: The majority of Mozambique’s population lives below the poverty line, and foreign aid accounts for half of its government’s budget. Aluminum comprises a third of the nation’s exports, and volatility in the commodity’s price has an impact on GDP growth.

Source: World Bank, CIA World Factbook

 

 

#5: China

2012 GDP: +7.90%

2013 GDP: +8.40%

2013-2015

GDP CAGR: +8.77%

Economy: The world’s largest exporter and second biggest economy has gradually transitioned from an isolated, state-planned economy and introduced elements of free markets. An aging population, decreasing farmland, lack of domestic consumption, and reducing regional imbalances are downside risks to Chinese GDP growth. China is on the forefront of alternative energy development, particularly in solar.

Source: World Bank, CIA World Factbook

 

 

#4: Sierra Leone

2012 GDP: +25.00%

2013 GDP: +11.10%

2013-2015

GDP CAGR: +9.54%

Economy: Nearly half of the workforce engages in subsistence farming, which leaves the nation's substantial mineral reserves relatively underdeveloped. Diamonds account for about half the value of Sierra Leone's exports. In the past, these were primarily 'blood diamonds', though the nation has worked hard to repair its image.

Source: World Bank, CIA World Factbook

 

 

#3: Democratic Republic of Timor-Leste

2012 GDP: +10.00%

2013 GDP: +10.00%

2013-2015

GDP CAGR: +10.63%

Economy: Offshore drilling for oil and gas is the principal source of government revenues. The government has increased spending on infrastructure to continue to repair damages caused by Indonesian troops in 1999. Unemployment and dependence upon O&G are roadblocks to growth.

Source: World Bank, CIA World Factbook

 

 

#2: Iraq

2012 GDP: +11.10%

2013 GDP: +13.50%

2013-2015

GDP CAGR: +12.23%

Economy: Foreign investment inflows are expected to increase in the wake of US Troop withdrawals. Oil exports, the impetus for the nation’s wealth, have returned to pre-war levels. Adoption of free market principles, strengthening the legal framework for businesses, and developing Iraqi infrastructure are keys to the country’s growth.

Source: World Bank, CIA World Factbook

 

 

#1: Mongolia

2012 GDP: +11.80%

2013 GDP: +16.20%

2013-2015

GDP CAGR: +13.60%

Economy: Mongolia successfully transitioned from a Cold War Soviet satellite state into semi-modern, mixed capitalist economy. Mineral deposits of copper, gold, coal, uranium, tin, and tungsten are the major sources of Mongolia’s wealth. Commodity exports – overwhelmingly to China – and foreign investment will drive GDP growth.

 


Source: World Bank, CIA World Factbook

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Last modified on Saturday, 11 May 2013 16:06

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