VENTURES AFRICA - Ernst and Young, a UK based economic consultancy firm, has identified Ethiopia and Uganda as countries among the world’s six fastest growing economies in Sub-Sahara Africa.
Although the recorded economic growth has not been able to bridge the gap between the rich and the poor, there is room for improvement; the report affirms.
Ernst and Young reports that Africa has experienced a 5.7% growth in the last decade and another 5% growth is expected between 2010 and 2011 – making Africa the fastest growing region after Asia.
Although, Africa’s long standing problem of high inflation, food shortage, low investment in education, poverty, autocracy and corruption is still evident; improved economic policies and democratic rule is helping the continent move along.
Nevertheless, the report says Africa needs to improve the ease of doing business.
In a related development, Renaissance Capital’s Chief Economists, Charles Robertson predicted that Ghana is expected to show the strongest GDP growth while Nigeria will hold a 4th position. However, Ghana’s growth is expected to slow in 2013 while Nigeria maintain its 4th position.
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