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The African development bank says Africa has the one of the fastest growing middle class populations in the world. Some financial experts attribute the growth to increased investments in the service sector-- and sound economic and business policies.
Stability, infrastructure and official development assistance.
Enhance UN Peacekeeping and Peacebuilding operations so that stability can be had and the Infrastructure can be focused on improving along with social areas, such as health and education. Food security enhancement should also be an early priority and can be encompassed in the next step. However infrastructure for trade and logistics is one of the largest setbacks and needs to be highly prioritized.
While simultaneously improving infrastructure we can than focus on revitalizing key economic functions and assisting in diversifying Africa's economy to be less dependent on single commodity resources. This might take concessions on part of the Western Countries and opening their markets.
Supporting sound regional and international economic partnerships that are mutually beneficial can also assist in spurring growth.
Overall there is no easy answer as each country will have different needs and is facing varying circumstances. However the first step is the globe should be better ready and willing to productively assist Africa in supporting national led efforts and reducing aid dependency. The current state of affairs is mainly just to thrive on demand for raw resources and primary goods, while giving little care to the overall needs of the continent.
Good that Africa's middle class is growing as this is essential for economic, political and social stability. Problem is that in the video above the mention that this is only 10% of the population. Further acceleration of this group, and attempts to reduce the intense poverty of the rest of the population is critical.
Indeed there is some evidence that it is the intense poverty and gross income inequality in Nigeria which gave birth to Boko Haram. Not just religious fanaticism Especially as Nigeria has similar issues of violence even in the more prosperous South.
Problem is that in the video above the mention that this is only 10% of the population. Further acceleration of this group, and attempts to reduce the intense poverty of the rest of the population is critical.
Improved education is what's needed. I remember reading about blacks in South Africa and it was pointed out that there were good paying jobs in the country but not enough blacks had the education/job skills to fill them. I've also read that in too many African countries illiteracy is still a problem.
Across sub-Saharan Africa, consumer demand is fueling the continent’s economies in new ways, driving hopes that Africa will emerge as a success story in the coming years comparable to the rise of the East Asian Tigers in the second half of the 20th century.
After seeing years of uninterrupted economic expansion across Africa, governments, analysts and investors are focusing on this fast-growing continent’s shoppers and workers rather than just the usual upswing in commodity prices that have driven past cycles of boom and bust.
The African Development Bank projected in its latest annual report in May that foreign investment in Africa would reach a record $80 billion this year, with a larger share of the money going to manufacturing and not just the strip-mining of resources.
“The development is real, and on the back of that, there’s a lot of commercial opportunity that’s emerging,” said Simon Freemantle, senior political economist at Standard Bank here.
I read they started to let in refugees from other surrounding countries, mainly the people fleeing from war in DRC. Is this going to become a problem there?
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