Europe Is Facing Economic Chaos, But Africa Is Rising

 Europe is in the throes of an economic crisis. Frankly it was long overdue. The fact that it took 60 years to unfold after the Second World War is the mystery. The fact is that bereft of raw materials and colonies that funded the European realm of prosperity, this was bound to happen.
Enough of Europe for now and one can turn ones lens to Africa. This at one time was the Dark Continent where deprivation, famine and no development was the watch word as the colonial powers stripped Africa of its natural wealth.
The situation is now changed.

In 2012 as Europe slowed down the situation in Africa was gung a ho with a growth rate of 4.5 % to 4.9% as estimated by the African development Bank and the World Bank respectively.
This growth in a great way is due to exploitation of the natural resources like minerals and wood which

is being sold to global consumers of have cash to spare like China, Russia, Brazil, USA and of course India.
One other aspect is the growth of the Middle class. This is a new phenomena and spread over 54 countries this middle class is as large as India’s. Also fueling the development is the oil boom as some countries like Nigeria, Angola and Uganda have massive oil deposits. As oil hovers at $100 a barrel the cash is rolling in.
Africa has problems. Big ones with ethinic strife leading all of them. But the future is not all bad and in the not so distant future Africa may rise up like the proverbial phoenix-that mystical bird that rose from its own ashes. In the mean time Europe better set its house in order for in the long run minerals and oil is in Africa nd it can go only upwards.

Article Written By Madan G Singh

An early retired Gp Capt from Air Force who is an Executive Director in the Corporate world. Loves to write fiction and articles. Published over 60 short stories and his novel" Romance of the Frontier" is published from Notion Books.His second novel is on way for publication. The author also has close to 10,000 articles on the b net with millions of views

Last updated on 17-06-2016 28 0

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