The Habari Network
Robust economic growth over the last 15 years has led to visible changes across Africa. Visitors to cities on the continent cannot help but notice the emerging African middle class. Africa’s middle class is expected to grow from 355 million approximately 34 percent of Africa’s population to 1.1 billion in 2060.
Not only is Africa’s middle class crucial for economic growth, but it is essential for the growth of democracy and will play a key role in re-balancing the African economy.
Consumer spending by the middle class reached an estimated US$680 billion in 2008, by 2030 this figure will likely reach US$2.2 trillion and Africa will comprise about 3% of worldwide consumption.
Africa has continued to witness strong expansion in manufacturing and service industries such as telecommunications and finance in recent years. This is expected to translate into sustained growth of middle class jobs in the future. African cities will continue to expand at a rapid pace, creating the dynamic environments conducive to innovation and higher labor productivity. Nevertheless, despite these positive developments, the informal sector will continue to dominate the African labor market in the medium term, as the growth of steady, well-paid employment is starting from such a low level.
July 24, 2014 //
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