Given continued economic weakness in the U.S., it’s easy to imagine that the rest of the world remains similarly stuck. But there is one region of the world that is showing signs of economic strength in new and unexpected ways. That region is Africa.
An economic renaissance currently underway in Africa is providing hope to a billion people there and creating a sense of optimism among youth. And it contains real lessons for us to learn and absorb here at home. Long seen as at the margins of global economic activity, Africa is increasingly looking like an important key to its future.
What’s going on exactly? The short answer is that Africa is booming.
Seven out of the 10 fastest growing economies in the world are in sub-Saharan Africa. Taken as a whole, Africa’s economy would be the eighth largest in the world, greater in size than rapidly rising countries like India and Russia.
What’s important is that this economic explosion is not limited to familiar economic powerhouses such as South Africa and Nigeria, but a host of smaller countries, such as land-locked Zambia, are in on the action as well.
What’s even more important is that the African economic renaissance—unlike growth in the U.S.—is broad-based, touching all income groups.
Read More What the U.S. Can Learn From Africa’s Booming Economy – COLORLINES.