Posts

Will Africa Become the Future Economic Power Overtaking China?

avatar of @ajewa
25
0 views
·
2 min read

A lot of people are confused when they hear the word China, they do not know if it is a country or a continent. Beingthe most populous nation, having a nominal GDP of $15.2T while the combination of all African countries is expected to reach $29 trillion by 2050 source. Currently, the nominal GDP of Africa is about $2.6T which is about 6 times smaller than the GDP of China but will Africa ever beat China?

https://i2.wp.com/futurecapetown.com/wp-content/uploads/2014/11/konza1.jpg?resize=600%2C400 credit

One very reason African countries have at the same position for a very long time is Corruption. It is no doubt that African countries are losing over $50B to corruption on a yearly basis source leaving the continent at the verge bankruptcy (did i say bankruptcy? Africa still has a lot of money so bankreuptcy isn't the right word to use). Africa was the last continent to experience civilization and it has since its exposure to civilization gradually improve in its infracstructures. One interesting thing about African is their ability to migrate for a better life which makes the UN predict that 1 of every 3 persons in the world will be African in the year 2100 source and its growth will also increase with no bounds.

https://images.adsttc.com/media/images/54f5/e4e6/e58e/ce84/3100/00c9/original/AD-Global_Infographic_Africa_February_2015.gif?1425401058 credit

Will Africa ever overtake China in growth?

First lets take China as it was in the past. Civilized countries wanted to use the power of china's population and cheap labor to their advantage, and this made China harness the resources of the civilized nation to their advantage. Africa is becoming one of the cheapest continent in the world with the average minimum wage in africa to be $1.45 and in countries like Nigeria it is about $0.39 per hour as minimum wage. This low cost of labour is what a lot of companies in grown economy are looking for in other to reduce cost so soon, when China is no longer regarded as a low labour cost country, other African countries would be regarded as one.

Education has been a major setback in Africa's economic growth in the past but recetly, a lot of African children are getting educated as well as there is a rise in girl education. Asia wasn't the powerful place it is about 100 years ago, but today countries like Singapore, China, India, and many more are holding global power and economic strenght. Africa would have to depend on ease of doing business in its territories, political stability, education and innovation in other to become the world's economic power.