28 July 2013
Africa is now the world's fastest growing continent and is set to grow at more than 5.5% per annum for the foreseeable future, according to the latest report from the African Development Bank (AfDB) Group.

Almost half the African countries have achieved middle-income status and poverty levels have fallen from 51% in 2005 to 39% last year, with some 350 million African now earning between USD 2 to USD 20 per day.

"With around one-third of its countries growing by more than 6%, Africa has become the world's fastest-growing continent," said Donald Kaberuka, president of the AfDB Group in the latest Annual Development Effectiveness Review 2013.

"This new economic dynamism is more than just a resource boom; it is the result of dramatic improvements in economic management."

More than two-thirds of African countries have improved their quality of governance, leading to a better business climate, improved basic services and expanded economic opportunities, Kaberuka said.

By 2035, the African labor force will be larger than that of China and India, highlighting its rise as one of the most promising economic growth stories over the next few decades.