The Economist reports: Sierra Leone is one country to watch carefully as one of the fastest growing economies in 2014

U.S. President Barack Obama congratulates President Ernest Koroma

U.S. President Barack Obama congratulates President Ernest Koroma

The world renowned Economist Magazine has today reported that Sierra Leone is one country to watch carefully as one of the fastest growing economies in 2014, testament to the hard work of the President and his government, working assiduously to move the country to a middle income category state and an easy place to do business. The remarkable achievement of the head of state, President Ernest Bai Koroma, has been well noted across the world not only with recognition coming from world leaders like President Barack Obama, and former British Prime Minister Tony Blair, but by the acknowledgement and support from financial institutions like the World Bank and UNIDO. The Economist’s report today comes as no surprise as that is what is expected from a country governed by a conscientious leader who puts his people’s interest first, and who has made it his government’s number one priority to ensure a decent standard of living for his countrymen. Here is the full report from The Economist:

ACCORDING to the forecasts of the Economist Intelligence Unit, the world’s five fastest-growing economies in 2014 will be South Sudan, Mongolia, Macau, Sierra Leone and Turkmenistan, as seen in the video above. Notably, China is absent. In fact, for the first time since The World in… started publishing forecasts of the fastest-growing economies in 2004, the world’s most populous country has dropped out of the top dozen. Nevertheless, China is Mongolia’s biggest export market. Mongolia’s mines (not its large numbers of goats) will help push GDP growth to 15% in 2014. Reports suggest the country’s mineral deposits may be worth more than $1.3 trillion: an exciting possibility for Mongolia’s 2.8m people.

Macau also depends on China for its prosperity. As a special administrative region, it entices tourists bent on gambling, many of them Chinese. Punters will wager around $50 billion in 2014, nearly ten times more than a decade earlier and far more than in Las Vegas. South Sudan’s position at the top of the list is controversial in many ways. Its forecasted 35% growth this year may take it only some of the way back to levels of prosperity it enjoyed before oil production stopped in 2012. But the world’s youngest independent country is currently in turmoil: a rupture in mid-December between President Salva Kiir and his former vice-president, Riek Machar, has triggered violence. Neighbouring countries are trying to make the two sides talk. But the starting date for a ceasefire, negotiated in Ethiopia on December 31st, has not yet been agreed upon. Rebel troops are also massing in Jonglei state, complicating the situation. If Mr Machar’s intentions are to fight over South Sudan’s oil production infrastructure, the country may see slower growth, and much destruction, in 2014.

© 2014, Newstime Africa. All rights reserved. – The views expressed here are purely those of the author and not necessarily those of the publishers. – Newstime Africa content cannot be reproduced in any form – electronic or print – without prior consent of the Publishers. Copyright infringement will be pursued and perpetrators prosecuted.

35,793 total views, 7 views today

Comments