Observing the world, it’s very evident that each continent observes unique development paces and growth trends which cannot be mistaken as it evidently reflects on their individual economy’s income and standard of living.
Looking through the past years we can obviously notice that Africa has greatly evolved. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. Still, 70 percent of the African population, directly or indirectly, are actively involved in agriculture. Most indicators suggest that agriculture remains the largest and fastest growing industry across the continent, and it is clear to see from the above information that Africa as a whole has initially been known for its agricultural industry more than its growth in technology. Therefore, top on the list is Agriculture that poses to continually promote the growth of the African economy in the coming years.
Secondly, Technology has kicked up its effectiveness over the past few years in the African economy. It is ultimately the biggest industry used on a global scale but second- best when weighed on the African scale. Technology can be classified by a number of different mediums. Whether that is iPads or androids, gaming apps or dating sites, technology use is consistently on the rise in Africa.
Lastly, the banking and finance sectors of the economy are picking up in a very rapid pace. From a Western perspective this may not be the most obvious sector, but Africa’s banking sector has grown rapidly over the past 15 years, with Sub-Saharan Africa becoming a player in emerging-market banking. The total assets (as of 2008) came in at $669bn, whilst North Africa coming in at $497bn. The rise of Africas’ financial services sector has been quoted as ‘remarkable’ by the World Economic Forum. Although not all countries within Africa are growing at a steady pace in this sector, it is obvious that this will not be an overnight transformation. The benefit is that it creates a lot of scope for future development.
At this rate, Africa has the advantage of a young and growing population, resulting in the fastest urbanization rate in the world.
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