From rapid urbanization and technological growth to industrial development, Africa is fast developing at a rate that seems to rival nearly all other continents in the world. Until recently, there have been many arguments and concerns about the continent’s economy as it approaches a technical recession.
However, at the forefront of the harnessing its resources, Africa has shown its resilience over the years and appears to be one of the continents pushing the world towards a revolution. Here, we will be pointing out some of the reasons why Africa looks more promising for the world economy.
Tech Policies
The world today appears to be fast moving due to the rapid advancement of technology. To this effect, tech policies are fast becoming a dominant feature in the rapid development of Africa. Today, we’ve seen the Eastern and Southern part of Africa employ innovative technologies in advancing their place in the world.
The world has seen an influx of technologies such as Blockchain technology and Artificial Intelligence Technology. This, for an economy all geared up for innovative adoptions, means rapid infrastructural and industrial development.
Already technology is cutting across various industries including agriculture, construction, manufacturing and so on, which sees Africa pushing towards rapid industrialization and mass employment.
This does bode well for a developing economy which, in the future, could set about a revolution in the world’s economy as a whole.
Tourism
Africa boasts a cultural existence and history that sets it apart from other continents and gives it an edge when it comes to tourism. Today, due to this, Africa has witnessed an influx of tourists, and this sector holds a significant percentage in the continent’s economy.
This significant role-play of tourism has, in turn, advanced Africa’s position in the world and could in the future advance and stabilize the world’s economy.
The Promise of Rare Earth Metals
With a portfolio of rare earth metals, Africa could be described as the proverbial land of providence flowing with milk and honey. Africa joined the rare earth metals race in 2017 and is admittedly making moves to becoming a dominant force in the global market.
The application of rare earth metals including neodymium and dysprosium in functional products such as smartphones, batteries, wind turbines and a variety of electronic consumer products already has manufacturers scouring the market for suppliers.
Already, Steenkampskraal Mine in the Western Cape province of South Africa is laying claim to one of the world’s highest grade of rare earth metals, getting Africa all geared up to become one of the key players in the market.
Looking at how far the law of supply and demand goes, the demand for these metals will become a dominant factor as Africa’s role as a supplier does bode well for its economy.
