Addis Ababa May 13/2019 GDP growth in Ethiopia is set to exceed and expand the 7-percent mark of the African continent, according to the British Bank Standard Chartered and ASEAN’s Macroeconomic Research Office.
According to a new report released yesterday, the economy of Cote d’Ivoire is also expected to expand at a similar pace.
Standard Chartered’s India-based head of thematic research, Madhur Jha, and global chief economist David Mann said this means a doubling of gross domestic product every 10 years.
The report states that five of the seven quickest-growing economies in the next decade are in Asia, suggesting international investment flows could pivot to the lucrative Asian markets as well.
Accordingly a quicker economic expansion in Asia and Sub-Saharan Africa could solve many problems that have plagued these regions for decades.
The report forecast the 2020s to be the ‘decade of Asia’, as several prominent economies in the region are expected to grow at a pace exceeding 7 percent per year over the coming years.
“Faster growth not only helps to lift people more quickly out of absolute poverty, but is also usually accompanied by better health and education, as well as a wider range of and better access to goods and services,” the Standard Chartered report reads.
However, a complex set of political, social, and economic issues will be hard to tackle in the near-to-medium-term. Many Asian and African nations are struggling to address corruption, rampant poverty, and high unemployment rates — despite years of robust economic expansion.