Africa Is Richer Than You Think
Africa suffers from another kind of poverty: lack of accurate statistical data. And it is a tragic, messy situation. Nigeria nearly doubled the size of its economy overnight — a whopping 89 percent — surpassing South Africa to become Africa’s largest economy and the world’s 26th largest. What was thought to be a $270 billion economy one day became a $510 billion economy the next day, adding some $240 billion to its economy. To put the change into perspective, it is almost like adding Israel’s economy, or more than Portugal’s, to Nigeria’s economy. It sounds like magic but it is not. Inaccurate economic data is commonplace across much of Africa.
The International Monetary Fund recommends that countries rebase their economies at least every five years to account for newer industries and inflation. But…
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