Life is finally looking up for many Africans, Africa Rising. Africa is the world’s second-largest and second-most-populous continent. It hosts a large diversity of ethnicities, cultures and languages. Africa’s economy—with expanding trade, improving literacy and education, abundant resources and cheaper labour force—is rising and expected to continue to perform better in the future
Africa Rising is a term coined to describe the rapid economic growth in Sub-Saharan Africa since 2000 and the belief in the inevitability of further, rapid development of the continent. The continent is almost predestined to enjoy a long period of mid-to-high single-digit economic growth, rising incomes and an emerging middle class. In March 2013, Africa was the world’s fastest-growing continent at a rate of 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023.
Growth has been present throughout the continent, with over one-third of Sub-Saharan African countries posting 6% or higher growth rates, and another 40% growing between 4% and 6% per year. Several international business observers have also named Africa as the future economic growth engine of the world. There are positive longer-term trends across Africa all buoyed by what appeared to be high economic growth rates sweeping the continent. Ethiopian Re, as the youngest reinsurance company stands to benefit immensely from the unprecedented business opportunities brought about by bourgeoning economic performance of Africa, and hence the motto “Rising with Africa”. Basing itself in East Africa, the Company is absolutely committed to provide apposite reinsurance cover for the ever rising and dynamic demand for protection