Africa has made tremendous progress over the last 13 years, going from “hopeless” to “aspiring”, in the words of The Economist. Certainly, Africa’s pace of growth has been impressive, averaging 5.1% of GDP per year – much faster than most OECD countries. Some have dismissed this simply as reflecting only the recent boom in natural resource prices. They point to the fact that prices of most commodities – agricultural, mineral and energy – doubled or even tripled over the same period, and warn that Africa’s growth will come to an end once resource prices taper off, as it is happening now.
See full Article: http://oecdinsights.org/2013/05/27/africa-making-the-most-of-its-natural-resources/
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