Africa’s real GDP grew at an average of 3.3 percent a year between 2010 and 2015, considerably slower
than the 5.4 percent from 2000 to 2010. However, this average disguises stark divergence.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. Spending by consumers and
businesses today totals $4 trillion. Household consumption is expected to grow at 3.8 percent a year to 2025
to reach $2.1 trillion. Africa could nearly double its manufacturing output from $500 billion today to $930 billion
in 2025, provided countries take decisive action to create an improved environment for manufacturers.
Governments will have to play a stronger role in unleashing renewed dynamism. Six priorities emerge from
this research: mobilize more domestic resources, aggressively diversify economies, accelerate infrastructure
development, deepen regional integration, create tomorrow’s talent, and ensure healthy urbanization.
