Charles Kenny writing for the FP laments the economic woes of the West in the past decade. However, he makes the point that without the economic growth of less developed nations the global downturn would have been much worse. Africa ofcourse has 7 countries represented in the 10 fastest growing economies list and these days Rwanda is classified in the top 10 of the best places to start a business.
Excerpt from Charles Kenny’s article, Club Growth:
Just as significantly, Africa has been going gangbusters — though you probably haven’t noticed, since the whole region of 49 countries still has a combined economy smaller than the state of Texas. Yet within the club of economies that doubled in size were no less than eight from sub-Saharan Africa, the region traditionally written off as a hopeless economic backwater. Indeed, that region took 17 of the top 40 spots in the decade’s global GDP growth rankings; its GDP is 66 percent larger than it was in 2000. Populations have expanded there, too, by around 28 percent over the decade — but even accounting for more people, the average income in the region is about a third higher than it was 10 years ago.
Full article here.