An Assessment of the Current Economic Conditions of Africa Essay

An Assessment of the topical Economic Conditions of Africa - Essay ExampleHowever, the continent managed to present a 5% rise in economic exertionivity. This was as a result of greater metal and oil prices, significant boost in chunk development aid and enhanced economic stability. In 2011, the economic growth of Africa fell. The current sparing of Africa seems to be recovering from a devastating situation, hobby the economic performance decline in 2011. The African part has been shaken by the natural phenomenon as well as critical civil wars within countries, among some other human activated activities. When both this is combined, it will always impact into a regions economy either in a positive, or a negative manner. In a span of virtuoso decade, we have seen the continents economy fall and with no time able to recover again. Africas economy was not at its worst in 2011 as many would think holding 3.4% gross domestic product growth from 5% in 2010. Tracing back to 2009, t he economy was even lower with 3% a percentage lower than in 2011 before shooting to 5%, which means that the continent has the capability to entrap itself back to a better position, which would contribute to an increase in the total world economic growth. This is the apprehension to disagree with the position that the decline was devastating instead it is better to term the decline as middling though the impact was deeply entangle by the population of the continent. Africa is a continent with about 54 countries, and over one billion people support at different levels of life. This prompts the need for development in the countries that have loopholes in governance among other necessities, to fasten the growth. In one way or the other, all the countries new and existing need to co-ope station and focus on one mission of strengthening the economy. Africas economic situation in the 1st phase of 2012 shows a forecast of recovering process by windup of 2012. With the gradual recove ry of North African economies, Africas average growth is expected to rebound to 4.5% in 2012 and 4.8% in 2013 (African economic outlook 2012 Macroeconomic 15). North African economy had been compressed following the political problems, social tension and civil wars experienced. These are countries with credible sources of oil depositories where the pressure within was felt in the whole of Africa. In southwestern Africa, the 2010 GDP growth was at 2.9%, with an estimated increase to 3.1% in 2011(South Africa africaeconomicoutlook.org). However, due to basic local weaknesses and the weak global economic recovery, there was an expected slowdown in growth in 2012. In 2013, the GDP growth of South Africa was estimated to rise to 3.6% (South Africa africaeconomicoutlook.org). In 2011, the rate of consumption and investment grew by 3.5% and 5.2% respectively(South Africa africaeconomicoutlook.org). Africa was the largest beneficiary of the IDA (International Development Association), Worl d cashboxs gillyflower in 2011, with a $ 7.0 billion financial commitment to improve the economy and populations living condition to eradicate poverty (The World Bank Annual Report 2011 3). Much remains to be achieved in the continent despite the huge borrowing and aids received in the region. Even afterwards the debt relief in 2005 that was a salvation of the African countries, debt seems to be on the rise though the act the suppressed rate of borrowing. Today more than ever, the continent has changed the rate and pattern of borrowing. African countries are knowing on the interests and conditions involved when taking development funds, this has resulted to China being preferred over the World Bank on financial lending in Africa. However, Africa still remains fragile where the total expenditure in most countries