Africa’s New Engine

Africa looks to its middle-class consumers to drive prosperity
By: Calestous Juma
Source: Finance & Development, 48(4) — International Monetary Fund

From article:

Following African countries’ independence, the continent has struggled with a seemingly endless array of development challenges, from civil war and political instability to chronic food insecurity, droughts, disease, and pervasive poverty and corruption.

But in recent years, Africa has started to see an economic resurgence. Better economic policies, governance, and use of natural resources, coupled with more business-friendly policies and stronger demand for Africa’s commodities from emerging economies such as Brazil, China, India, and South Africa, have led to consistently high growth levels in Africa, despite the global downturn.

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