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Growth in Africa can’t disguise long-term risks
By Ian Bremmer (original source Ekathimerini)
“Africa is back in the news this month with both good and bad news stories. Nigeria has carried off an historic election that saw a defeated incumbent gracefully concede defeat to his challenger. Kenya has seen another deadly terrorist attack from the Somalia-based al-Shabaab terrorist group and has responded with military force. The broader story of Africa’s rise likewise comes with both promise and risks.
Without question, Sub-Saharan Africa, home to the world’s fastest growing middle class, is an underappreciated good news story for the global economy. Many more of the region’s citizens live in fast-growing cities than outsiders realize. Many countries are resource-rich, but most of their economies are increasingly well diversified. Nigeria, for example, is Africa’s leading oil exporter, yet services account for more than half the country’s GDP.”
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