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The report also counted 11 African nations among the world’s twenty fastest-growing economies this year – enviable, especially to our neighbors in North America and Europe. Additionally, according to the International Monetary Fund’s GDP growth tracker, the African region significantly outpaces South America’s GDP growth, with a real GDP growth rate of 3.5% versus South America’s 1.4%
According to the Africa Development Bank’s latest macroeconomic report, the African continent is set to maintain its position as the second-fast-growing region, just next to Asia. According to the report, next year up to 41 countries across the continent will achieve an economic growth rate of 3.8% and in 13 of them, growth will be more than 1 percentage point higher than in 2023.
These are incredible statistics that demonstrate the growth opportunity across Africa due to the surging population and booming GDP growth. Africa is forecasted to outpace global growth averages throughout 2024.
The report also counted 11 African nations among the world’s twenty fastest-growing economies this year – enviable, especially to our neighbours in North America and Europe. Additionally, according to the International Monetary Fund’s GDP growth tracker, the African region significantly outpaces South America’s GDP growth, with a real GDP growth rate of 3.5% versus South America’s 1.4%. On the other hand, Africa still maintains a close range behind Asia, which leads with 4.4% to Africa’s 3.5%. However, in the coming years, according to Statista, Africa will experience a significant population boom, with an estimated 2.5 billion inhabitants by 2050. This, in turn, will significantly close the population gap with Asia by 2100. As GDP growth typically grows as the population does, the GDP growth gap could be narrowed down within the next few years.
Needless to say, not only will there be tremendous population growth, but foreign direct investment, employment opportunities, standard of living, purchasing power, and more will grow exponentially as countries that have been listed as “commodity-dependent” will expand into diversified services fit for their young, digital population.
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https://trendsnafrica.com/debt-payment-commitment-of-africa-is-usd-75-billion-afdb-chief/
These fintechs (and their supporting ecosystem of service providers) know that Africa’s currency diversity is a strength, not a weakness. They also know that African fintech infrastructure rivals, if not surpasses, many other markets.And finally, there are more than enough professional services providers, banks, and other partners with which to scale in Africa.
