Infographic: Africa’s Top 10 Economies
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For the past decade, Africa’s economy has been growing, on average, by 5.3% per year. But that’s not the full measure of a continent. A recent study looked at four different pillars derived from 88 different indicators to help determine which African countries are succeeding and which ones are still struggling.
According to a recent study by the African Development Bank, Africa’s economy is growing faster than any other continent, with more than a third of its economies experiencing growth rates of more than 6 percent.
For the past decade, Africa’s economy has been growing, on average, by 5.3% per year. But that’s not the full measure of a continent. A recent study looked at four different pillars derived from 88 different indicators to help determine which African countries are succeeding and which ones are still struggling.
According to a recent study by the African Development Bank, Africa’s economy is growing faster than any other continent, with more than a third of its economies experiencing growth rates of more than 6 percent.
Related: Growth in Africa to Outpace World Average
The continent’s middle class is also growing rapidly, with some 350 million Africans now earning between $2 and $20 a day. Collectively, Africa’s GDP per capita reached $953 last year, while the number of middle income countries on the continent rose to 26, out of a total of 54.
But how can one attempt to rank and profile all 54 economies in the vastly diverse African continent? One key study by the Mo Ibrahim Foundation has made the attempt, using four main pillars which include safety and rule of law, sustainable economic opportunities, human development, as well as participation and human rights.
Related: What Africa Can Learn from East Asia’s Developmental Success: Joseph E. Stiglitz
Related: Can Foreign Policy Cure Africa’s Dependency Syndrome?
