Earlier this month The World Economic Forum released its Global Competitiveness Report for 2011-2012. While the United States continued its decline in the rankings, now holding steady in fifth place, South Africa moved up in the ranks. But South Africa, which ranks 50 among the nations was only one of three African countries to cut through the top half of the rankings. 13 African nations were ranked among the lowest economically competitive.
What does competitive mean? According to the Forum, “a more competitive economy is one that is likely to grow faster over time” due to institutions and policies in place. Since we like to pay homage to the motherland here’s a list of the top ten economies on the continent of Africa:
Coming in at number ten is Senegal. The Global Competitiveness report put them at 111 among all the nations and here’s why. The nation relies heavily on donor assistance, and when the global financial meltdown of 2009 came about Senegal suffered. Their GDP declined 2 percent. Since then the nation which since 2007 has battled an unemployment rate of roughly 48 percent has struggled to get its bearings. Industries and services only make up 22 percent of jobs, as Senegal is mostly committed to agricultural. The nation has also been hampered by protests against what many claim is a corrupt government.