SEYCHELLES BECOMES AFRICA'S NEXT DEVELOPED COUNTRY - WORLD BANK
|Seychelles, Eden city|
Among Africa’s top 10 richest countries are Mauritius, Algeria, Equatorial Guinea, Tunisia, Namibia and others. But the richest country in Africa is little Seychelles, according to World Bank calculations.
They are at the top of the World Bank list of 80 high income earning countries and the three latest developed African countries. They have met most of the Millennium Development Goals and are currently looking forward to develop an agenda that better integrates issues relevant to Small Island Developing States.
South Africa has been in and out of the World’s list of developed countries, but since the ANC took over government, the nation has grappled with corruption and deep structural issues – and were recently dropped from ratings by the IMF and World Bank lists of advanced countries.
The addition of Seychelles on this list of wealthy nations gives off a possibility of permanency on analyzing the relatively petite size of the country, the involvement of the private sector in their economic growth and the, compared to other African situations, uncomplicated politics of their governments.
The nation of 92,000 residents, as of 2012, has excellent infrastructure; with 14 airports, six of them with paved runways. With an extensive coastline lining round its 116 islands, the country makes revenue from fishing, shipment and tourism.
With the continent’s highest GDP, this is the richest country in Africa. Meanwhile, Africa's biggest economy, Nigeria, unable to generate more than 1.5% of its electricity needs, is being forecast to grind to a halt - if a shock therapy is not urgently applied to infrastructure and countless other factors, putting intense pressure on the rest of the continent.