There is definitely something about Africa that keeps luring people back. Possibly it is because of the vast untamed continent where anything is possible. Parts of Arica are well on the way to becoming some of the most dynamic places to invest or work in.
If you want to work or a business planning in Africa, there are an abundance of possibilities for a sustainable growth. The continent hardly needs unskilled labor, but there is a requirement for skilled workers, especially those with long exposure in the industry or a university degree. And as ever, the oil and gas sector gives rich pickings, especially in established countries such as Nigeria and Algeria.
In recent times, a supportive economic conditions — with important changes in macroeconomic management, increased incentives for the private sector and a broadly positive global context for commodity shipping countries — has driven high growth rates in many African nations.
While most of the world is confronting major economic and political risk, Africa is expected to continue its growth in the upcoming years.
The country is being touted as the world’s last major economically untapped region with more than 20% of the world’s land mass and 15% of its population,
Africa’s success driving factors:
In Africa, a wide variety of attributes have created suitable conditions for economic transformation, which could see active growth become sustainable and comprehensive in the future.
Developing macroeconomic notices and business conditions
Government reforms and actions have reduced inflation, budget shortfalls and debt levels in Africa. Africa’s legal, regulatory, and business environment has also improved a lot.
According to the World Bank’s Doing Business Report 2013, Since 2005, the 50 economies globally that have most improved their regulatory conditions for business, the largest share is in Sub-Saharan Africa.
Demographic dividend, rising middle class, and urbanization
It is expected that in the next 40 years Africa’s population will double to reach to nearly two billion, which will be around 20% of the world’s population in 2050. The average age in the continent is around 20 — making it the world’s youngest continent.
As a consequence, by 2040, Africa’s inherent labor force is expected to be more than 1 billion people, which exceeds projections for the Chinese and Indian workforces.
Emerging economies
Over the years, there has been a substantial increase in the economic bearing of other emerging markets in Africa. The BRIC’s share in African trade has increased in a generation from less than 1% to 20% today.
This share is expected to increase around 50% by 2030. China and India, in precise, are seeming to help Africa so that they will be able to meet their energy security needs.
Private sector participation
African leaders are eager to move away from dependence on aid and the accompanying circumstances imposed by donors. This development has spurred a rising technocratic class in Social Security Administration (SSA), which is well aware of the challenges to raising income and competing globally, including infrastructure investments, maintenance, and regulations.
With the growing number of leaders and cabinet members from across the corporate world, the growing interest of the private sector in Africa is apparent.
Natural resources
Africa has great reserves of natural resources. Angola and Nigeria are among the top 25 oil producers in the world. That is why African countries make up 15 of the top 50 countries in terms of oil reserves.
Ghana, South Africa, and Tanzania are among the top 22 gold producers; Zambia and the Democratic Republic of Congo are among the top 20 copper producers.
The key for sustaining growth
Although Africa’s economy has risen quickly over the past decade, issues are at times proposed about the sustainability of this growth. While some commentators consider that the continent will play a highly significant role in the global economy, others are uncertain about whether Africa’s current development is sustainable and comprehensive.
A strong fundamental transformation is a key to shaping Africa’s ability to create comprehensive growth and tackle serious difficulties, such as poverty and unemployment.
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