AFRICANGLOBE – Africa is preparing to take its place in a future global economy which will see the earth’s population reach 10 billion by 2050.
The continent is currently experiencing an average economic growth of between 5 and 8% a year.
It’s the youngest region in the world, and by 2040, is expected to have the largest workforce in the world at 1.1 billion people.
It is also one of the world’s greatest sources of raw materials, and, in many instances, has leapfrogged the developing world in terms of technological advancements.
Domestically, Africa itself will be one of the biggest markets on earth.
According to McKinsey 7 Company’s report ‘Lions on the Move: The Progress and Potential of African economies’, Africa’s combined Gross Domestic Product will be $2.6 trillion by 2020.
By the same year, its own consumer spending by 128 million households with discretionary income is expected to be around $1.4 trillion.
Below, we take a look at the fastest-growing economies in Africa.
Economy: Zambia has had one of the world’s fastest growing economies for the past ten years, with real GDP growth averaging roughly 6.7% per annum. Privatization of government-owned copper mines in the 1990s relieved the government from covering mammoth losses generated by the industry and greatly increased copper mining output and profitability, spurring economic growth. Zambia’s dependency on copper makes it vulnerable to depressed commodity prices, but record high copper prices and a bumper maize crop in 2010 helped Zambia rebound quickly from the world economic slowdown that began in 2008.