The just concluded 60th anniversary of the Asian-African Conference featured more than 100 countries that were retracing the historic path of an event that changed the world.
Today, countries like South Africa, Nigeria and Rwanda lead Africa’s rise in the global economy and international stature.
Africa has all the ingredients to be a dominant economic engine for decades to come, according to demographers, economists and industrial and agricultural experts.
With more than 1.1 billion citizens, Africa has huge potential. About one-third of Africa’s 54 nations have a yearly gain in gross domestic product (GDP) of more than 6 percent, making the continent the second highest in economic growth after Asia, which is growing at 4.7 percent per year.
One main factor is because Africa is at last getting its share of peace and good governance since Benin set the mainland trend in 1991.
Population trends could also be improving these developments. More better-educated young people are entering the job market and birth rates are beginning to decline. As the proportion of working-age people to dependents rises, growth should get a boost.
Asia enjoyed the “demographic dividend”, which began three decades ago and is now tailing off. In Africa it is just starting. Continue reading Africa: The world’s new powerhouse →