Three African countries to top world growth rates
1/18/2012, 1:39 p.m.
Dec. 20 (GIN) - A Harvard study has concluded that the lion economies of Kenya, Uganda and Tanzania will be leading all other world economies, with annual rates exceeding 6 percent, by the year 2020.
The U.S. by comparison saw a 2% rate of growth in the third quarter of 2011.
Other economies in the East African region at the top of the list include: Madagascar, Malawi, Zambia, Ethiopia and Mozambique. Rwanda, among the world's 10 fastest growing economies since the early 2000s, could not be included in the study due to the lack of reliable data.
On a GDP per capita basis, China and India are still projected to be the fastest growing economies in the world; East Africa though tops the list in terms of GDP growth.
The forecasts appear in a newly-published study called "The Atlas of Economic Complexity - Mapping Paths to Prosperity" by researchers at the Center for International Development at Harvard University.
"Just like China and Taiwan, East African countries are not really "poor" from a capabilities perspective," observed Dimitri Stoelinga of Laterite, a consulting firm based in Rwanda. "Twenty-five years ago, China and Taiwan had the capabilities to develop the diverse range of products that they produce today; it is these same capabilities that led them to their current income levels. .. "
Scholarly predictions of Africa's growth potential can be found at web.MIT.edu/sloanafrica/Africa.html