Africa’s economy is growing
Africa’s economy is growing faster than the economies of all other continents. About a third of the 55 African countries are seeing annual GDP growth of more than 6%.
As a result of this growth, sub-Saharan Africa is growing to obtain the scale of other areas of the world. By 2022, sub-Saharan Africa will catch up to the India of today in GDP in real dollar terms and will surpass the Russia of today in terms of consumer spending. The rate of urbanization is already close to that of China today as people move from the country and seek their lives in urban economies along with the concomitant demands for housing, services and material goods that accompany urban living. But this isn’t just about diamonds and oil: Only 24% of the growth from 2000 to 2008 was attributable to natural resources.