![]() ![]() Our new research indicates that abundant growth and development are still possible in Africa, still happening-and, more than ever, vital for the welfare of the world. Over the past decade, certain countries, cities, sectors, and companies have been beacons of innovation, productivity, and growth-there is no “one Africa.” In those beacons lie lessons and innovations that can reinvigorate the African economy. Yet the continent-wide statistics obscure successes in many of its constituent countries that can serve as models to establish productivity as the foundation of Africa’s economic growth. Today, 60 percent of Africa’s population lives in poverty, the result of per capita income growth that has averaged just 1.1 percent a year for the past several decades. ![]() Those events set off shifts that are still working their way through the global economy. GDP growth fell 35 percent over that period-and then the COVID-19 pandemic took hold, followed by the Russian invasion of Ukraine. These strengths and assets present a chance for the continent to vastly improve its productivity and reverse the economic deceleration it endured from 2010 to 2019. With its population expected to nearly double to 2.5 billion people by 2050, the continent presents myriad opportunities for robust, inclusive growth that harness its rich natural resources and abundant human potential to increase prosperity not only in Africa but around the world. Reimagining economic growth in Africa: Turning diversity into opportunity (66 pages)Īfrica is home to the world’s youngest and fastest-growing population, burgeoning cities, and bold innovations in everything from fintech to clean energy. ![]()
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