Skip to content

African economy expected to grow on back of remittances, natural resources

Remittances and natural resources should help spur Africa's economy.

Though some parts of Africa are performing fairly well economically, most are in worse shape. However, a new study indicates that through remittance flows and sound governmental policies, the continent's economic growth could jump significantly.

The African Development Bank, the Organization for Economic Cooperation and Development, the United Nations Development Programme and the UN Economic Commission for Africa recently released a joint report forecasting Africa's financial vitality.If things continue at their current pace, Africa's economy could expand by 4.5 percent in 2012 and another 4.8 percent in 2013.

"The economic outlook for Africa remains optimistic," the report stated. "Natural resource-rich economies are expected to do better than more mature emerging economies."

Some of the most common natural resources exported in Africa include oil, gold, precious metals, diamonds, cocoa and timber.

The 291-page report also attributed much of Africa's growth to remittances, as many people who emigrate from Africa send money home to their families thanks to the jobs they have in countries like the United States. This enables them to pay for goods and services that they need on a day-to-day basis

Despite the overall positive assessment and projection, Donald Kaberuka, president of the AfDB, said the global economy is still on shaky ground, meaning that experiencing economic growth is far from a guarantee.

"I appeal for caution and not to show excessive optimism with regard to the continent's economic growth, because there are other issues that need to be considered carefully," said Kaberuka.

In addition to the ongoing debt crisis affecting much of Europe, political upheaval has impacted Africa, citing Mali as a specific example. This could also detract Africa from gaining ground.

The AfDB report indicated that because Africa's economic potential largely relies on the wealth natives and citizens obtain through their work, the continent must put a greater investment in tomorrow's workers.

"The youth is the most important wealth of Africa," said Kaberuka.

He added that with the number of youth in Africa projected to double in 30 years from now, governmental leaders of countries should put a greater emphasis on helping young people acquire new skills so that they can find the jobs they need to support themselves and their families. 

  1. Sep 12 2013

    It originally seemed like saving a roster spot for Acho was obvious.
    [url=]elite nfl jerseys[/url]

  2. True Bloodhas been nothing short of a defining show for HBO, the network s president of programming said, adding, Together with its legion of fans, it will be hard to say goodbye to the residents of Bon Temps, but I look forward to what promises to be a fantastic final chapter of this incredible show.
    cheap jerseys for sale

  3. 9:30 a. m. , Game Time Tomball Community Center, 401 Market St. For more information, call 281-255-6221 or visit ci.
    colors dallas cowboys women jerseys

  4. Sep 21 2013

    Look, it’s not like Super Bowl tickets weren’t already beyond the wherewithal of Average Joe. It’s an elitist event designed and marketed only to elitists. Average Joes need not apply. But the price for premium tickets represents a jump of more than double the $1,250 the NFL charged for premium tickets last year.
    tim tebow jerseys

  5. Sep 23 2013

    I have been exploring for a bit for any high quality articles or
    blog posts on this kind of space . Exploring in Yahoo I finally stumbled
    upon this website. Studying this information So i’m happy to
    convey that I’ve an incredibly good uncanny feeling I discovered exactly what I needed.
    I so much for sure will make certain to do not omit this website
    and give it a glance regularly.

  6. Sep 24 2013

    Generally I don’t read post on blogs, but I would like to say that this write-up very pressured me to check out and
    do so! Your writing taste has been amazed me.
    Thanks, very nice article.

  7. Sep 26 2013

    I bought a new smart phone w/ toseruchcen capability and quickly found that I disliked the virtual keyboard due to its tendency to misread my intended key strokes’ quite often. At the time of purchase I picked up an iFrogz stylus and loved the way it worked (still do love the way it works, actually!) so I thought, What the heck? Order a bunch more styluses so that I can keep one in the car, one at work, one by the bed, one in the kitchen, etc. This package of 10 seemed like a great deal compared to what I paid for ONE iFrogz stylus so I ordered it.Now, some several weeks later a few of the styluses seem to have gotten quirky and do not read on the phones (my girlfriend also got a new smart phone at the same time) very well at all. So far it seems as though 3 out of 10 have developed unexplainable issues that we have not figured out ways to resolve and we fear the others may develop similar issues as we put them through their daily paces.So would I purchase these again? Not sure. I may have just gotten a bad batch’ or something but if more of the styluses develop issues I will definitely order from a different manufacturer.Great premise of offering a multicolor 10-pack of very useful tools, yes, but only time will tell if enough of the tools will remain useful long enough for me to begin thinking I made a wise purchasing decision.

  8. Thank you for the auspicious writeup. It in fact was a amusement account it.

    Look advanced to far added agreeable from you! By the way, how can we communicate?

  9. That being said, for those of us who wax, we all know that it’s not exactly a trip to the ice cream parlour (you’re taking hair out by roots, after all) but there are some things you can do to maintain that agony. Like using BareEase & Cream, for example.

  10. Oct 1 2013

    Wonderful website you have here but I was wondering if you knew of any community forums that cover the same topics
    discussed here? I’d really love to be a part of group
    where I can get feedback from other experienced individuals that share the same interest.
    If you have any suggestions, please let me know.


  11. Oct 1 2013

    I am going through an issue with viewing your page clearly in the newest version of Opera. Seems very good in IE and Firefox nonetheless.Possess a beautiful day.

  12. We stumbled over here different page and thought I might check things out.
    I like what I see so i am just following you. Look forward to exploring your web page yet

  13. Oct 6 2013

    These are truly enormous ideas in regarding blogging.
    You have touched some good points here. Any way keep up wrinting.

  14. Oct 6 2013

    Dead written topic matter, Really enjoyed reading through .

  15. Oct 6 2013

    You will find surely quite a lot of particulars like that to take into consideration. That may be a great point to bring up. I supply the concepts above as normal inspiration even so clearly you can find questions like the 1 you deliver up where a really powerful thing shall be working in sincere very good faith. I don?t know if finest practices have emerged round issues like that, nevertheless I am confident that your job is clearly recognized as a fair game. Each girls and boys genuinely feel the affect of only a moment

Trackbacks & Pingbacks

  2. Bed Bugs Treatment
  3. herbal treatment for herpes

Comments are closed.