Tuesday, September 2, 2008

Africa is on the economic rise!

Latest statistics reveal that Africa is outpacing the general growth rate of the world economy current pegged at 3.7% by growing at an annual rate of 5%, that despite the inflation and violence.

In the year 2008, the continent has recorded FDI Investments of $36 billion, more than it ever! Whats more, it has a positive balance of trade ($2.1 billion).

The economy of various countries in the continent, like South Africa, Ethiopia, Uganda, Kenya have made a revival of sorts, and are on track to getting more loans from Asian countries (namely China, Singapore and so on).

With lots of Olympic medals too in their pockets, Africa has had less conflicts in the Great Lakes region too, and have benefited from the zooming price of oil and other raw materials.

With all that, I infer that Africa is going to score big on the outsourcing bandwagon in the 21st Century. In such times, companies want to keep their costs of production and operations to a bare minimum, something they achieved by outsourcing work to India and China. But the income levels in India and China have also increased which puts a strain on these companies to manage their budget. This is the perfect time for African countries to improve their competitiveness in yet another shrinking sphere : outsourcing!

Keep the comments rolling in....what do you feel on the prospects of Africa?


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1 comment:

  1. OH yes I think Africa is the next thing as everything is much cheaper than China or INdia. Even the outsourcing industry might move out there. The only problem is that of their education, well, i think soon they will catch up with that also.
    In a way it is good, that Africa will also come of age , they will also have better standards of living due to the new income.