Africa is booming Africa has been the second-fastest-growing region in the world over the past 10 years, with average annual growth of 5.1 per cent over the past decade, driven by greater political stability and economic reforms that have unleashed the private sector in many countries. Poverty is also on the retreat. A new consuming class has taken its place: since 2000, 31 million African households have joined the worlds consuming class. At the point when household incomes exceed $5,000, measured at purchasing power parity, consumers begin to direct more than half their income to things other than food and shelter. The continent now has around 90 million people who fit this definition. That figure is projected to reach 128 million by 2020. Indeed, contrary to conventional wisdom, the majority of Africas growth has come from domestic spending and non-commodity sectors, rather than the resources boom. Yes, Zimbabwe can. Yes, Africa can.
Posted on: Mon, 21 Oct 2013 10:47:23 +0000
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