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Global Economic Winners: African Economy Boom

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In May 2000, The Economist magazine declared that Africa was “the hopeless continent.” Eleven years later, in 2011, it referred to Africa as “the hopeful continent.” And on October 20, 2012, the magazine stated: “In recent years investors have been piling into Lagos and Nairobi as if they were Frankfurt and Tokyo of old.”

Clearly, gloomy skepticism has given way to glowing optimism about Africa, and for good reason—over the past 10 years, many of the economies within Africa are outpacing economies anywhere else in the world. In fact, according to the International Monetary Fund’s (IMF) World Economic Outlook released in October 2012, 11 of the world’s 20 fastest-growing economies are in Africa, and this booming economic growth has helped create the fastest-growing middle class in the world.

Of course, the major trends driving this growth—changing policy environments, a growing middle class that expects equitable social and economic policies, high commodity prices, robust domestic demand, and rapid mass urbanization—have not affected all countries on the continent equally. Here’s a quick look at five economies that have especially benefited from recent developments, and those that pose some of the best potential for the future.

http://www.popsci.com/science/article/2012-11/global-economy-african-countries-growth

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