The African Economic Outlook 2016 indicated that Africa was performing well in areas of economic, social and governance and has good prospects for the future. Real GDP grew by an average of 3.6% in 2015, higher than the global average growth of 3.1% and more than double that of the euro area. Africa is the second fastest growing economy in the world after emerging Asia. The positive trends that make Africa future bright include the following;
- Africa has a young population of 1.2 billion people in 2016 and it is projected to reach 1.6 billion people by 2030.
- Africa urbanisation rate stand at 40% in 2016 and it is projected that half of Africa population will be living in urban areas by 2100.
- African economies are well positioned to benefit from the global technological change that will lead to lower cost of doing business in Africa.
- There is a continuing rise in infrastructure investment in Africa.
The key highlights of Africa include the following;