Professor Kamil Idris recently addressed his opinion regarding market trends and the growing economy of Africa. He began by stating the obvious, Africa has the second largest population in the world with 1.2 billion people. It supplies 99 percent of the globes chrome, 85 percent of its platinum and 54 percent of its gold. The continent has undoubtedly proven itself to be a dominant force in economic authority. The future development of Africa can cause positive effects for the other six continents making up the world.
Kamil Idris explains the current state of Africa’s economy by looking at North Africa and Sub-Saharan Africa. North Africa has a much larger middle class and a lower rate of poverty compared to the Sub-Saharan. However, the southern part of the continent has a higher informal employment percentage, meaning that it has more entrepreneurs and freelance workers.
Although this information is positive, Kamil Idris notes many African countries are enduring a drop in GDP growth where some experience none at all for two to three years. One of the challenges facing Africa is the fact that they do not take advantage of intra-regional trade within its countries. Intra-regional trade is at a low rate of 18 percent which is unfortunate considering trade among nations is a billion-dollar business, and evidence shows that growing one country is sure to affect its neighbor positively.
Despite these obstacles, Africa has a promising future with a mostly youthful population. Kamil Idris says Africa is most likely to have the largest working-age population in the world. Also, many countries are changing from agrarian to more urban communities. Families and corporations spend more money in urban societies, providing further development for economic growth.
Kamil Idris also brings awareness to World Intellectual Property Day. He claims that without intellectual property rights many of the new technology being developed to tackle global problems would never thrive. World Intellectual Property Day celebrates human creativity and the powers that aid in promoting it. These rights are essential in the commercial market as well as cultural and social development. Kamil Idris is a Sudanese scholar who served as the World Intellectual Property Organization’s Director General from 1997 to 2008.