Africa Could Become World’s Fourth Largest Economy by 2050 – WTO
The World Trade Organisation (WTO) has projected that Africa could become the world’s fourth largest economy by 2050 if it fully harnesses its population growth, resources, and trade potential. WTO Director-General Ngozi Okonjo-Iweala said in an interview with CNN that trading within Africa remains far more expensive than with other regions, with intra-continental trade costs estimated to be about 20 percent higher. “It costs 20 percent more for us to trade with each other on the continent than with others externally,” she said, linking this to poor infrastructure, inefficient border management, and high transport costs. Despite these challenges, Okonjo-Iweala said Africa’s economic outlook remains promising. “The African continent has a lot of resources and a lot of things going for it. But there are also many challenges,” she noted. WTO data shows that only 18 percent of Africa’s exports remain […]
