The old image of an Africa doomed to get ever poorer has certainly lost credence over the past decade even if it is a view still held by some.
Well, according to a new study, Africans are getting wealthier more quickly than previously believed and the poorest continent’s riches are also spreading beyond the narrow confines of its elite.
“Africa is reducing poverty, and doing it much faster than we thought,” the study by U.S.-based economists Xavier Sala-i-Martin and Maxim Pinkovskiy said.
“The growth from the period 1995-2006, far from benefiting only the elites, has been sufficiently widely spread that both total African inequality and African within-country inequality actually declined over this period.”
(Continue reading the article in Reuters)