Africa is rapidly becoming the global economic growth engine. Half of the world’s 25 fastest-growing nations are in Africa and almost 40 per cent of the continent will achieve GDP growth of more than 5 per cent in 2016. The population is set to grow by 50 per cent to 1.5bn by 2030, and by 2040, Africa’s working-age population will rise to 1.1bn from about 500m today – greater than the working-age populations of China and India combined.
A burgeoning middle class is also catalysing growth across a range of sectors, including financial services, telecommunications, retail, residential and transportation.
These developments have caught the attention of international investors and multinational companies, many of which are rushing for alternative investment opportunities in response to diminishing growth prospects in BRIC (Brazil, Russia, India and China) and other emerging markets.
-African Business Central
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