Reimagining economic growth in Africa: Turning diversity into opportunity

Reimagining economic growth in Africa: Turning diversity into opportunity

Africa is the continent with the youngest and fastest growing population in the world.

The population is expected to double to 2.5 billion by 2050. However, in the period 2010-2019. GDP indicators in the region fell by 35%. McKinsey experts analyzed the economic development opportunities in the region.

  • According to 2019 data, 39% of the African population is employed in the service sector, which provides 56% of the total regional GDP. For a balanced development of the region, it is necessary to increase the productivity of the industrial and agricultural sectors.
  • 49% of the population of the African continent is involved in agriculture. Increasing the yield and value of products is a necessary condition for the industry to comply with generally recognized international standards. The development of skills, the digitalization of the industry will create additional incentives for the development of agriculture.
  • Only 10% of total African imports and 17% of exports are within the region. The improvement of logistics and the development of transport infrastructure will help strengthen intra-regional ties.

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