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Equatorial Guinea leads the growth of African economies

posted by www.equatorialguineaonline.com – March 1st, 2012

Equatorial Guinea, with an index of 14.4%, is the nation with the largest economic growth in the continent, in which can be observed the emergence of a middle class, the evolution of political systems and greater access to technology.

 

01/03/2012

According to a report by the magazine The Economist, the economies of the West African coast have grown faster than almost any other region. One only needs to take a look at the economic growth rates, and draw a line down from our country to South Africa: Equatorial Guinea (14.4%), Gabon (10.9%), Angola (5.1%), Namibia (6.1%) and South Africa (8.3%).

But this report does not just talk of the economic growth rate of Africa -where, incidentally, Equatorial Guinea is at number 1 with 14.4%- but also of an emerging middle class, an evolution of the political systems, access to technology and of looking in the mirror to see what has been and continues to be the Asian development. Africa, with its problems, is on the road of progress at all levels.

A decade ago, this same publication called Africa “the lost continent“, but fortunately there has been a major change, “Labor productivity has been increasing. It is growing at an average of 2.7% per year. Trade between Africa and the rest of the world has increased by 200% since 2000. By some measures, intra-African trade has increased from 6% to 13% of current volume. In eight of the last ten years, according to the World Bank, sub-Saharan growth has been faster than that of East Asia.” And that, happily, has much to do with Equatorial Guinea.

When the world economy -and with it the prices of basic products- collapsed in 2008, Africa’s growth rates barely budged. “Africa has great resistance,” said Mthuli Ncube, chief economist of the African Development Bank: “A structural change seems to have taken place.”

In short, we trust that the market swings do not break this hope. Our country struggles to lay the foundations for a sustainable economy based on the Horizon 2020.

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