Economic Growth Prospects for Africa

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Economic Growth Prospects for Africa
Economic growth is a significant concept that researchers heavily focus on. It refers to the improvement or increase in the market value depending on services and goods in a given economy within a specific period (Acemoglu). Economic growth is determined based on the increase of GDP. The economic growth rate is also measurable depending on the trend of a country or region. Different factors determine economic growth. However, different actions such as labor and productivity positively drive economic growth. The emergence of new goods and services is necessary since they determine economic growth. Therefore, the more a country or a region produces more goods and services, the gross domestic product also increases. Economic growth also depends on different theories such as Classical and Malthusian theory, which shows the relationship between economic inputs and outputs. Economic growth aspects also play an essential role in determining whether a region is headed in the right direction. Economic growth prospects are factors that determine the economic outlook of a region. They are factors that also determine the ability of a specific region to grow exponentially by increasing the GDP.
Africa is one of the regions in the world with a rapidly growing economy. The region's population is approximately one billion (World Bank Group). It offers a unique natural and human resources that adequately eradicate poverty. Most Africans heavily rely on human resources, which strictly determine the region's economic growth influence. Africa is constantly creating a fundamental development path that harnesses different people and resources. The continent comprises high, middle, and low-income countries depending on natural resources. It also has specific states with a small population but heavily records higher economic growth.
The continent has faced significant challenges, such as pandemics affecting its economic outlook. Africa’s economic position heavily contracted in 2020 due to the emergence of the pandemic (World Bank Group). Nigeria and South Africa are two countries that heavily determine Africa's economic progress due to their large and rapidly growing economies. There is a strong connection between economic growth in Africa and its existing resources. The paper probes the economic growth prospects for Africa.
Economic Growth Prospects
Africa’s future relies on different factors which every researcher must understand. The region's future is significant since it determines its development position. Africa’s economic growth is based on different elements, including human resources, agriculture, industry, and trade. The identified factors are essential since they determine the future of economic stimulation.
Trade
Trade is one of the economic growth prospects for Africa. Trade-in Africa is a common phenomenon that has heavily determined African economic position and future. Intra-trade has catalyzed economic growth in Africa by creating different sources of employment. Most of the trade activities began in the 1960s when most of the states in Africa got their independence. Based on economic theory, trade pos...