Businesses should look past economic data to judge where in Africa to invest. Otherwise, they are setting themselves up for higher risk and potential failure by seeing only a small fraction of the entire picture.
Global Chamber® member In On Africa recently published the 2017 Africa Country Benchmark Report (ACBR), presenting the most comprehensive view of the intermingling factors that impact the real, complex world of national growth. For instance, social factors influence business growth, while business performance affects a society’s welfare, with political implications. It’s much better to view the holistic picture as you consider where to invest in Africa or anywhere.
There are five key business takeaways from the 2017 ACBR that provide important signals for understanding conditions that influence business success in Africa. ACBR does more than list data. Analysis of 34 international indexes and 30 key indicators — nearly 20,000 data points in total — separate transitory developments from the permanent conditions that hinder or boost a country’s business climate. ACBR covers all 54 countries and gives businesses the holistic view they need.
The lessons shared in this year’s ACBR are:
- Overcoming regulations by expanding market freedoms reaps business benefits.
- Diversifying from commodities is key to business growth.
- Technological advancement sparks business growth.
- Military spending is bad for business.
- Look to democracies for better business performance.
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