{"id":444203,"date":"2011-06-20T08:48:18","date_gmt":"2011-06-20T08:48:18","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/20\/africa%e2%80%99s-gdp-projected-to-reach-2-3-trillion-by-2020\/"},"modified":"2011-06-20T08:48:18","modified_gmt":"2011-06-20T08:48:18","slug":"africas-gdp-projected-to-reach-2-3-trillion-by-2020","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/","title":{"rendered":"Africa\u2019s GDP projected to reach $2.3 trillion by 2020"},"content":{"rendered":"
\n

You Are Here: Home<\/a> \u00bb Africa\/International<\/a>, Second Lead<\/a> \u00bb Africa\u2019s GDP projected to reach $2.3 trillion by 2020<\/p>\n

\n

Page last updated at Monday, June 20, 2011 8:08 AM \/\/ <\/span><\/div>\n

\"\"<\/a>The Chief Executive Officer (CEO), of the Millennium Challenge Corporation (MCC), a US State agency, Mr Daniel W. Yohannes has predicted that Africa\u2019s gross domestic product could be in the region of $2.6 trillion in the next decade.<\/p>\n

Citing a leading global consulting firm, McKinsey, Mr Yohannes said Africa\u2019s collective GDP is currently $1.6 trillion and this can be doubled.<\/p>\n

\u201cMcKinsey, a leading global consulting firm, reported that Africa\u2019s collective GDP is now $1.6 trillion\u201d said Daniel W. Yohannes adding \u201cBy 2020, it could be $2.6 trillion.\u201d<\/p>\n

Mr Yohannes, who made the observation in a speech he delivered at the just-ended 2011 African Growth and Opportunity Act (AGOA) Forum in Lusaka, Zambia, underscored the point that six out of the world\u2019s ten fastest growing economies during the last decade were in sub-Sahara Africa.<\/p>\n

His speech is made available on the MCC\u2019s website.<\/p>\n

\u201cAnd over the next five years, predictions suggest that the average African economy will outpace its Asian counterpart\u201d, he told African exporters, and government officials at the forum.<\/p>\n

According to him, signs show that Africa\u2019s economies are poised for dramatic growth.<\/p>\n

However, the African Development Bank (AfDB) in its 10th African Economic Outlook (AEO) report has indicated that Africa\u2019s economic growth is forecast to decline to 3.7 percent in 2011,\u00a0compared to growth of 4.9 percent in 2010 due to recent event happenings in North Africa plus other factors.<\/p>\n

The 2010 figure was an improvement on the 3.1 percent rise in 2009, which had been depressed by the global economic crisis.<\/p>\n

But Mr Yohannes still argues that the number of households with discretionary income is projected to rise by 50% over the next 10years.<\/p>\n

He indicated that foreign direct investment (FDI) into the region surged from $9 billion in 2000 to $62 billion in 2008 which is \u201calmost as large as the flow into China, when measured relative to GDP\u201d.<\/p>\n

He noted many sectors in sub-Sahara Africa such as agriculture, consumer products, and telecommunications have the potential for significant growth in the years ahead.<\/p>\n

In order for Africans to realize their dreams, Mr. Yohannes urged African governments to take ownership, assume responsibility, and be accountable for their development and prosperity which can create sustainable environments for growth that will open up opportunities for investment and trade.<\/p>\n

\u201cWe know that for Africa to develop, it has to participate more fully in the global marketplace.\u201d<\/p>\n

He said one of the reasons that Africa has lagged behind is because it has not developed its capacity to trade, within the continent or with the wider world.<\/p>\n

\u201cConsider that intra-African trade accounts for only 10% of total exports\u201d, he said.<\/p>\n

By eliminating import duties for nearly 6,500 products, the MCC Boss said AGOA created new possibilities for African businesses and entrepreneurs\u2014recognizing that the private sector, not the government, is the most dynamic engine of growth.<\/p>\n

According to Mr Yohannes, in 2010, \u201cimports to the United States under AGOA grew by 31%. Compared to AGOA\u2019s first year in 2001, they grew by 438%.\u201d<\/p>\n

He added \u201cEven without oil and mineral-related products, we have made progress\u2026We saw an 18% increase last year in non-energy, non-mineral imports.\u201d<\/p>\n

In a related development, the United States Trade Representative Ron Kirk announced during the forum, a new Obama Administration initiative to build trade capacity called the African Competitiveness and Trade Expansion (ACTE) initiative.<\/p>\n

The ACTE, Mr Kirk said will provide $120 million over four years to build on the success of Africa\u2019s regional trade hubs and help African nations to realize AGOA\u2019s full potential.<\/p>\n

\u00a0<\/p>\n

By Ekow Quandzie<\/p>\n

Comments<\/h4>\n<\/div>\n

Link:
\nAfrica\u2019s GDP projected to reach $2.3 trillion by 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

You Are Here: Home \u00bb Africa\/International , Second Lead \u00bb Africa\u2019s GDP projected to reach $2.3 trillion by 2020 Page last updated at Monday, June 20, 2011 8:08 AM \/\/ The Chief Executive Officer (CEO), of the Millennium Challenge Corporation (MCC), a US State agency, Mr Daniel W. Yohannes has predicted that Africa\u2019s gross domestic product could be in the region of $2.6 trillion in the next decade. Citing a leading global consulting firm, McKinsey, Mr Yohannes said Africa\u2019s collective GDP is currently $1.6 trillion and this can be doubled<\/p>\n","protected":false},"author":0,"featured_media":413397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-444203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sports"},"yoast_head":"\nAfrica\u2019s GDP projected to reach $2.3 trillion by 2020 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Africa\u2019s GDP projected to reach $2.3 trillion by 2020 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"You Are Here: Home \u00bb Africa\/International , Second Lead \u00bb Africa\u2019s GDP projected to reach $2.3 trillion by 2020 Page last updated at Monday, June 20, 2011 8:08 AM \/\/ The Chief Executive Officer (CEO), of the Millennium Challenge Corporation (MCC), a US State agency, Mr Daniel W. Yohannes has predicted that Africa\u2019s gross domestic product could be in the region of $2.6 trillion in the next decade. Citing a leading global consulting firm, McKinsey, Mr Yohannes said Africa\u2019s collective GDP is currently $1.6 trillion and this can be doubled\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Africa\u2019s GDP projected to reach $2.3 trillion by 2020\",\"datePublished\":\"2011-06-20T08:48:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/\"},\"wordCount\":615,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Sports\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/\",\"name\":\"Africa\u2019s GDP projected to reach $2.3 trillion by 2020 - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2011-06-20T08:48:18+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Africa\u2019s GDP projected to reach $2.3 trillion by 2020 - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/","twitter_card":"summary_large_image","twitter_title":"Africa\u2019s GDP projected to reach $2.3 trillion by 2020 - Ghanamma.com","twitter_description":"You Are Here: Home \u00bb Africa\/International , Second Lead \u00bb Africa\u2019s GDP projected to reach $2.3 trillion by 2020 Page last updated at Monday, June 20, 2011 8:08 AM \/\/ The Chief Executive Officer (CEO), of the Millennium Challenge Corporation (MCC), a US State agency, Mr Daniel W. Yohannes has predicted that Africa\u2019s gross domestic product could be in the region of $2.6 trillion in the next decade. Citing a leading global consulting firm, McKinsey, Mr Yohannes said Africa\u2019s collective GDP is currently $1.6 trillion and this can be doubled","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/"},"author":{"name":"","@id":""},"headline":"Africa\u2019s GDP projected to reach $2.3 trillion by 2020","datePublished":"2011-06-20T08:48:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/"},"wordCount":615,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage"},"thumbnailUrl":"","articleSection":["Sports"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/","url":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/","name":"Africa\u2019s GDP projected to reach $2.3 trillion by 2020 - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage"},"thumbnailUrl":"","datePublished":"2011-06-20T08:48:18+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2011\/06\/20\/africas-gdp-projected-to-reach-2-3-trillion-by-2020\/#primaryimage","url":"","contentUrl":""},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/444203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=444203"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/444203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/413397"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=444203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=444203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=444203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}