Africa is an economic powerhouse in the making—and the world is watching

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The world is entering a new economic order and the former major players are starting to recognize the strength of an emerging economic powerhouse that’s been slowly but surely making its way to the top—Africa. Ranked as not only the most resilient in the world, many African countries have been predicted to become the fastest growing economies because of the region’s massive number of opportunities for foreign investors and their potential to be the world’s most dynamic player.

The credits go to the Africa’s focus on both social and political reforms that are transforming the region into a top business and trading hub. Furthermore, the progressive development of vital social and political infrastructure has contributed to high-quality workforce, business-oriented young population, and the fast-emerging middle class that have significantly boosted the region’s spending power.

Image source:economist.com

The rise of Africa as an emerging economic giant can also be attributed to its countries that continue to impress investors, foreign business and travelers, thanks to a balanced effort in creating a more conducive business environment while wisely and sustainably making use of the resources available to them.

In a speech by Managing Director Christine Lagarde of International Monetary Fund during a roundtable discussion in Nigeria, she called for policies to protect the economies of African countries from the current global crisis while promoting jobs and creating growth across the regions. The speech put emphasis on the importance of better management of natural resources which is a crucial part of any advancement in the region in terms of growth and job creation. In addition, the managing director pointed out that the power of a more diversified economy can provide a more broad-based growth not only within Nigeria but for the entire African population.