Economy

 

     Africa is currently recognized as the poorest continent in the world. It is, however, also the most quickly developing continent in the world. Growth rates vary by countries, but, in all but a handful, it is on par with or surpasses the growth rate of the United States and Europe in terms of real GDP.

     Over the past decade, the elimination of trade barriers, the streamlining of monetary exchange, increasing infrastructure, and foreign investment in trade, clean energy, and banking has resulted in a growth rate of two to 17 percent. It is estimated that, by the end of the decade, Africa will be reclassified from "low-income" to "middle-income," defined as having a GDP of over $10,000 per capita.

     It is important, however, that this growth continues to be balanced and fair. Foreign aid, while necessary in many cases, treats Africa like a patron instead of a growing economic powerhouse. Agreements that ignore human rights and environmental concerns leave Africans vulnerable to global threats in the future and waste economic and social opportunity. In the Central African Republic, the Republic of the Congo, Equatorial Guinea, Libya, Sudan, Somalia, and Western Sahara, economic trends are negative or unclear, and other countries are simply not growing fast enough to keep up with the African trend as a whole.

     Despite the fact that Africa is a hub for natural resources and has major banking centers in places like Nigeria and tourism centers like Tanzania, and, despite the fact that a great deal of progress has been made, many in the Western world hold stereotypes that actively prevent Africa's diverse economy from growing even further, and combating these stereotypes while holding companies and officials around the world accountable is critical to giving Africa a projected total GDP of $30 trillion by 2050.