Africa’s overall growth has slowed, but new research shows long-term fundamentals are strong and there are big business opportunities ahead.
The IMF projects that Africa will be the world’s second-fastest-growing region in the period to 2020.
It describes the following four fundamentals that are likely to underpin Africa’s economic growth:
Africa’s rate of urbanisation is the fastest in the world.
Africa will by 2034 have the largest working-age population in the world.
Africa has the largest reserves of key natural resources and 60% of the planet’s unutilised cropland.
- Africa will leapfrog old technologies.
The Money Show’s Bruce Whitfield interviewed McKinsey’s Musta Chironga.
Scroll down for quotes from the audio below.
Oil exporters and the Arab Spring countries have reduced growth rates. The rest have retained growth rates of 4.5%.— Musta Chironga
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