By Banthu Times Reporter 27/12/2013
Analysts have stated that Malawi will be amongst Africa’s best economic performing countries in the next 10 years or during the 21st century according to a report by Ventures Africa.
The pan-African magazine has reported that Malawi will be amongst six top performing economies on the continent between 2012 and 2017. Quoting Ernst & Young’s 2013 Competitive Survey, Ventures Africa says Malawi, Mozambique, Angola, Rwanda, Ethiopia and Zambia are the economies that will outperform others during the period.
In the third place are Angola and Rwanda with the projected GDP growth of 6.5 per cent. Ethiopia’s GDP growth is expected to be 6.3 per cent while Zambia’s is expected to hit 6.2 per cent.
Despite the negative impact of global economic crises, the size of the African economy has more than tripled since 2000, according to Ernst & Young. The continent also holds bright prospects, with many countries in Africa set to continue recording high economic growth levels. Economics have hailed the economic policies of President Joyce Banda, ” She has implemented policies that are going to stimulate growth and economic boom through agricultural, mining , tourism and industrial developments.”
According to the International Business Times website, the number of Africans living in the cities has surged dramatically and it could soon surpass that of India, which is considered to be the leader at this stage. It is believed that in the next 16 years, half of all Africans will be living in the cities. It is also understood that Africa’s middle class is set to be bigger than that of India.
The market influences of the west, which Africa is increasingly approving, are pushing down inflation and reducing sovereign debt.
Intra-African trade is changing on the continent with Africa boasting five growing trade blocs. In total, Africa has a $2 trillion economy, according to the International Business Times.