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DAVOS Economic Forum rates Africa as second fastest economy in the globe

By on January 28, 2013

Professor of Economics, Klaus Schwab

The just concluded strategic and dynamic World economic forum in Davos, Switzerland has in its assessment rated the continent of Africa as the second fastest in the globe, considering the phenomenal growth, innovations and socio-economic changes experienced in the past decades.

Davos economic forum, a brainchild of erudite scholar and distinguished Professor of Economics Klaus Schwab , was designed from inception to create a global platform for leaders in government, business, social circles and even in the religious circles to gather annually to brainstorm on political economic challenges affecting the globe, with a view to generating ideas that will bring solutions.

The very lightening and wonderful outlook for the continent was released in a statement made by the Head of Communications for the World Economic forum, Mr Adrian Monck during one of the key sessions of the forum.

Mr Monck said “Africa is already the world’s second fastest growing economy after expanding five per cent a year in the past two years, well above the global average and it projects that the continents GDP is likely to hit a 5.3 per cent growth this year”

Also speaking during the forum Mr Graham Mackay Chairman of SABMiller in the United Kingdom believed that Africa is on a steady path to sustainable growth and development economically, but urged for the removal of unnecessary bottlenecks that are capable of slowing down the pace of development.

At the televised debate session, two of the prominent African leaders, President Jacob Zuma of South Africa and President Goodluck Jonathan of Nigeria made clear and incisive statements on the African economic recovery and transformation.

For President Jacob Zuma, he asserted that “We realize that intra-trade is not enough and are working hard on that.” He added, “Africa is not consumed by conflict; We are also dealing with the economic issues. We’ve just discussed and agreed to integrate three of the five economic regions, creating a free trade area of more than half a billion people.”

President Goodluck Jonathan on his part said “in Africa, political instability is no longer one of them. Presently, about three African states have conducted successful elections two times and most African states have stable political systems.”