eyelash growth

Much has been written about the rise of the BRICs — Brazil, Russia, India and China — and the shift in economic power eastward as Asia outruns the rest of the world. but the surprising success story of the past decade lies elsewhere.

An analysis by the Economist finds that over the past decade, no fewer than six of the world’s 10 fastest-growing economies were in sub-Saharan Africa. the only BRIC country to make the top 10 was China, in second place behind Angola. the other five African sprinters were Nigeria, Ethiopia, Chad, Mozambique and Rwanda, all with annual growth rates of around 8 percent or more. During the previous two decades only one African economy (Uganda) made the top 10.

Over the past decade sub-Saharan Africa’s real GDP growth rate jumped to an annual average of 5.7 percent, up from only 2.4 percent over the previous two decades. Over the next five years the average African economy will likely outpace its Asian counterpart. looking even farther ahead, Standard Chartered forecasts that Africa’s economy will grow at an average annual rate of 7 percent over the next 20 years, slightly faster than China’s.

So it should, of course. Poorer economies have more potential for catch-up growth. the scandal was that Africa’s real GDP per capita fell for so many years. in 1980 Africans had an average income almost four times bigger than the Chinese. Today the Chinese are more than three times richer.

Africa’s changing fortunes have largely been driven by China’s surging demand for raw materials and higher commodity prices, but other factors have also counted. Africa has benefited from big inflows of foreign direct investment, especially from China, as well as foreign aid and debt relief. Urbanization and rising incomes have fueled faster growth in domestic demand.

Economic management has improved, too. Government revenue has been bolstered in recent years by high commodity prices and rapid growth. but instead of going on a spending spree as in the past some governments, such as Tanzania’s and Mozambique’s, have put money aside, cushioning their economies in the recession.

Some ambled through the decade rather than sprinted. Africa’s biggest economy by far, South Africa, is one of its laggards: It posted average annual growth of only 3.5 percent over the past decade. Indeed, it may be overtaken in size by Nigeria within 10 to 15 years if Nigeria’s bold banking reforms are extended to the power and the oil industries.

But the big challenge for all mineral exporters will be providing jobs for a population expected to grow by 50 percent between 2010 and 2030. Commodity-driven growth does not generate many jobs, and commodity prices could fall. So governments need to diversify their economies.

There are some glimmers. Countries such as Uganda and Kenya that do not depend on mineral exports are also growing faster than before, partly because they have increased manufacturing exports. Standard Chartered thinks that Africa could become a significant manufacturing center.

Formidable obstacles to Africa’s continued progress loom, among them political instability and poor health and education. Without reforms, Africa will not be able to sustain faster growth. but its lion economies are earning a place alongside Asia’s tigers.

Africa emerges as a fast-growing region