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Africa’s GDP rose twice as fast from 2000 through 2008 as it did in the preceding two decades. Africa’s growth acceleration was broadly based, resulting from more than the global commodity boom. All sectors contributed, including finance, retail, agriculture, and telecommunications. Key to the growth surge were government reforms that created greater political stability, improved the macroeconomic environment and fostered created a healthier business environment.
The outlook for further growth in Africa’s resource sectors remains promising. We estimate the total value of annual production could grow steadily at between 2 percent and 4% a year, to $540 billion by 2020.
Today, 40% of Africans live in cities, a portion that is close to China’s and continuing to expand. As in other developing economies, urbanization in Africa is creating jobs, boosting productivity and lifting incomes. The number of households with discretionary income is projected to grow by 50% over the next 10 years, reaching 128 million
By 2030, the top 18 cities in Africa could have a combined spending power of $1.3 trillion.
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Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.