Africa will see a substantial spike in its middle class population over the next several decades, according to a new report from the African Development Bank.
While Africa, given its widespread poverty and infrastructure instability, has never garnered the same “emerging market” distinction as nations in Asia, recent growth patterns suggest that Africa’s economy could propel as many as 1.1 billion Africans into the middle class by the year 2060—approximately 42% of the continent’s inhabitants adjusted for population growth.
The African Development Bank predicts that GDP growth in Africa, the second most populous continent after Asia, will grow by 5% on average annually.
Still, Africa faces a number of headwinds to its fledgling emerging economy status, the report’s authors warn. “Certain challenges need to be overcome for this dynamic continent to prosper,” Mthuli Ncube, chief economist and vice president of the African Development Bank told The Wall Street Journal on Wednesday.
Read more at The Economist.