Employment growth picked up in the first half of 2022, but the labor market situation remains challenging. Through this, the construction sector in particular has significantly flourished. And the rate of return on foreign investment is higher in Africa than in any other developing region. Financing also supports local communities through the creation of conservation-related employment, such as park maintenance, rangers, monitors, gate guards, joint operations center staff, and project managers. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. In 2022, Ethiopia experienced the highest inflation in a decade. The services sectors (financial, transport, and personal) and domestic trade were key drivers of growth. Africa is nearly as urbanized as China is and has as many cities of one million people as Europe does. Gaddafi moved his government to utilize oil income to lift redistributive measures among the Libyan population, creating a new economic and social development model. But they increasingly export manufactured goods, particularly to other African countries. If recent trends continue, Africa will play an increasingly important role in the global economy. Exports are the primary means to earn the hard currency for imported capital goods, which in Africa amount to roughly half of all investment. The authors wish to acknowledge the contributions of the following colleagues to this article: Martijn Allessie, Charles Atkins, Mutsa Chironga, Norbert Drr, Reinaldo Fiorini, Michael Kloss, Corrado Ruffini, Sven Smit, Amine Tazi-Riffi, Till Zeino-Mahmalat, and Nadia Terfous. The main factors affecting economic development include Levels of infrastructure - e.g. For China, the key factors driving its economic growth are domestic investment, trade openness, initial income, and rural share of the population. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. Partners include the United Nations, African Development Bank (AfDB), New Development Bank, International Monetary Fund (IMF), Department for International Development (DfID), and theState Secretariat for Economic Affairs of Switzerland (SECO). Global executives and investors cannot afford to ignore this. However, well-targeted and coordinated humanitarian aid and concessional external assistance can help to create room to respond to the ravaging effects of conflicts.