Africa`s richest square mile and arguably its symbol of economic clout-Sandton City in Johannesburg, South Africa. In May 2000, The Economist ran with a cover titled, “The hopeless continent”, painting stark gloomy picture for Africa. Fast forward just over a decade later, and the narrative had changed. In its 2011 December issue, the cover of The Economist read, “Africa rising.” True to form, Africa had transformed from a warring, stagnant and object of disdain to a fast growing economic region alive with possibility. Africa continues to impress, and its development over the years has seen many lives transformed on the continent. For instance, between 1981 and 2005, Africa`s poverty headcount ratio rose at each three year interval from 205 million in 1981 to 395 million in 2005, statistics reveal. And in 2008, the ratio fell by 12 million to around 47%. The trend has been continuing since then. This data and several other indicators reflect the extent of the progress...
Economics, Business and Finance