To others it might be interpreted as an overoptimistic assessment for a continent written off as the Dark Continent. But in a new video, Mega trends in Africa, Frost & Sullivan experts and C-level executives tout Africa is “as the only continent that has the potential to achieve double digit economic growth within the next decade”.
They mainly cite urbanisation, mobility, infrastructure, natural resources, telecommunications investments and inter-regional trade are just a few of the untapped opportunities making Africa the last growth frontier. Furthermore, it is expected that close to half of its population will live in large cities and that that 58% of its working age population (15-64) will exist in 2025.
Based on this information, they say the continent is set to become the second fastest growing region by 2025, with a gross domestic product (GDP) of $4.5 trillion. Additionally, if the trend continues for the next 20 years, Africa will have the highest labour population surpassing both China and India.
“The growth rates promised by Africa are second to that of South East Asia at the moment”, notes Hendrik Malan, operations director at Frost & Sullivan Africa. “The big advantage that Africa does have, believe it or not, is the lack of infrastructure and the lack of legacy systems because our ability to leapfrog technologies and get access to that growth much sooner than, for instance, South East Asia had the ability to do is significantly better”.