Growth is galloping, but 61% of the population still lives in poverty.
The new emerging Africa”; “The boom of the African middle class”; “Africa looks to the future”: analysts and journalists are all vying to reiterate that Africa is the youngest continent (population-wise) and has the world’s highest growth rate.
So says the latest forecast by the International Monetary Fund: Sub-Saharan Africa (excluding South Africa) will experience growth of 6.5% in 2014 and 2015. So says the data of the African Standard Bank, published in a report entitled Understanding Africa’s Middle Class, which analysed middleclass development in eleven countries of Sub-Saharan Africa: Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Sudan, Sudan, Tanzania, Uganda and Zambia.
The number of middle- class households is expected to rise from the current 15 million to over 40 million by 2030, out of a total population currently standing at 110 million. These figures include people who consume well below Western middle class standards, between $15 (€11.50) and $115 (€90) a day.
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Growth is galloping, but 61% of the population still lives in poverty.
The new emerging Africa”; “The boom of the African middle class”; “Africa looks to the future”: analysts and journalists are all vying to reiterate that Africa is the youngest continent (population-wise) and has the world’s highest growth rate.
