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Reports Predict Africa's Economy Could Be Worth $5.6 Trillion by 2025

Africa’s future is looking brighter than ever and pretty soon a trillion-dollar valuation could be on the horizon for its economy. For Africa — the world’s youngest and fastest-urbanizing continent — it has the potential to grow even larger than it is today as a report from McKinsey & Company estimates that the continent’s business opportunities could be worth $5.6 trillion by the year 2025. According to the 2016 report, Africa’s consumers and businesses already bring in $4 trillion annually, and is steady growing rapidly. These predicted opportunities could increase across several different industries including agriculture, infrastructure, and the continent’s abundant natural resources. Though these factors remain true, a 2019 Goldman Sachs economic research report shares that these economic drivers of “secular acceleration” have only accounted for roughly 30% of Africa’s GDP growth since 2000, stating that they appear to be “deep and structural,” the World Economic Forum reports....

Njera Perkins

Mar 16, 2021