Many people are questioning whether Africa’s economic advances are running out of steam. Five years ago, growth was accelerating in almost all of the region’s diverse economies, but recently their paths have diverged. Some countries have continued to grow fast while others have experienced a marked slowdown as a result of lower resource prices and higher sociopolitical instability. Despite this, the continent’s fundamentals remain strong, but African governments and companies will need to work harder to make the most of its potential.

The region has robust long-term economic fundamentals. In an aging world, Africa has the advantage of a young and growing population and will soon have the fastest urbanization rate in the world. By 2034, the region is expected to have a larger workforce than either China or India—and, so far, job creation is outpacing growth in the labor force. Accelerating technological change is unlocking new opportunities for consumers and businesses, and Africa still has
abundant resources.