Having been considered as a dormant continent for long, Africa is now the fastest growing continent in the world. This may look as an overstatement but a keen economic survey confirms this. The rapid growth is attributed to the natural resources that dot this continent from one corner to the other. Looking at the continent economic growth without factoring the East African development will not give a true picture given that much of this growth is as a result of rapid economic expansion in East African countries.
The community consists of five countries which are Kenya, Rwanda, Tanzania, Burundi and Uganda. The economic survey of these countries gives a picture of countries that are quickly developing in all areas be it politically, socially or economically having emerged from colonialism in just a few years ago.
The discovery of large oil deposits in both Kenya and Uganda with more exploration going on tells a story when it comes to the increasing interest in this region. The countries are also blessed with many valuable minerals with large copper deposits coming from Uganda and diamond from Tanzania.
It is the increase interest in these countries by the foreign investors that actually portrays the real picture of high economic growth rate. After emerging from a turbulent election in 2007, Kenyan economy has picked up attracting several multinational firms that are setting up their regional headquarters in Nairobi (Capital City of Kenya) with the focus of serving the entire Eastern and Central African Market.
The most visible evidence of the faster rate of East African development can be seen from the infrastructural improvement in the region. The Kenyan port city of Mombasa which remains the main sea entry point to the region has seen the expansion of the ports. This is meant to accommodate more ships of larger capacity which aims to meet the demand created by the regional market.
The integration of the countries within the region to form East African Community is at advanced stage. The last phases of the plan intend to have the member states operate with the single currency and a single passport. This will greatly boost trade within these countries in addition to making them tourist destination of choice.
East African development is however facing several threats that threaten to slow down the overall rate of growth. High insecurity for instance resulting from terrorist activities keeps investors away. Some neighboring countries like Somalia and Southern Sudan are still unstable in terms of governance, a situation that increases smuggling of illegal firearms through the porous borders increasing insecurity.
Very high population growth rate on the other hand does not auger well with this development plan. It leads to increased poverty levels, joblessness and other social evils. High rate of HIV infection in this region worsen the situation as they are part of the threats to economic growth in the region.
The huge agricultural potential in this region can be used as an opportunity to solve the concerns of joblessness. This is only possible with the adoption of appropriate technology that will allow for proper utilization of natural resources like many lakes and rivers in the region in addition to fertile lands, good climate and large markets in the developed countries to push East African development to the next level.
The community consists of five countries which are Kenya, Rwanda, Tanzania, Burundi and Uganda. The economic survey of these countries gives a picture of countries that are quickly developing in all areas be it politically, socially or economically having emerged from colonialism in just a few years ago.
The discovery of large oil deposits in both Kenya and Uganda with more exploration going on tells a story when it comes to the increasing interest in this region. The countries are also blessed with many valuable minerals with large copper deposits coming from Uganda and diamond from Tanzania.
It is the increase interest in these countries by the foreign investors that actually portrays the real picture of high economic growth rate. After emerging from a turbulent election in 2007, Kenyan economy has picked up attracting several multinational firms that are setting up their regional headquarters in Nairobi (Capital City of Kenya) with the focus of serving the entire Eastern and Central African Market.
The most visible evidence of the faster rate of East African development can be seen from the infrastructural improvement in the region. The Kenyan port city of Mombasa which remains the main sea entry point to the region has seen the expansion of the ports. This is meant to accommodate more ships of larger capacity which aims to meet the demand created by the regional market.
The integration of the countries within the region to form East African Community is at advanced stage. The last phases of the plan intend to have the member states operate with the single currency and a single passport. This will greatly boost trade within these countries in addition to making them tourist destination of choice.
East African development is however facing several threats that threaten to slow down the overall rate of growth. High insecurity for instance resulting from terrorist activities keeps investors away. Some neighboring countries like Somalia and Southern Sudan are still unstable in terms of governance, a situation that increases smuggling of illegal firearms through the porous borders increasing insecurity.
Very high population growth rate on the other hand does not auger well with this development plan. It leads to increased poverty levels, joblessness and other social evils. High rate of HIV infection in this region worsen the situation as they are part of the threats to economic growth in the region.
The huge agricultural potential in this region can be used as an opportunity to solve the concerns of joblessness. This is only possible with the adoption of appropriate technology that will allow for proper utilization of natural resources like many lakes and rivers in the region in addition to fertile lands, good climate and large markets in the developed countries to push East African development to the next level.
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