There has been a concerning resurgence in recent months of lazy reporting on Africa as “the world economy’s problem,” blighted by poor leadership, mass conflict, and deserving of bad credit ratings. It is hard to avoid this narrative — especially when global gatherings such as the World Bank’s Fragility Forum 2024, held last month, often center on African countries and regions.
Yet this sort of analysis helps no one. Instead, we should be discussing how investors can capitalize on African demographic advantages and other attributes to drive sustainable economic growth that will help the world economy.
The fact is, Africans are already hard at work trying to seize the moment. Agenda 2063, the continent’s development blueprint, seeks to turn the continent into the third-largest economic area by 2063 and the world’s manufacturing hub by 2063. Recent International Monetary Fund projections show that at 4%, the economic growth rate in Africa will outpace the global average of 2.9% in 2024 — this was also the case in 2023. Moreover, six of the world’s 10 fastest-growing economies in 2024 will be African, as was the norm prior to the pandemic.
About the authors
Hannah Wanjie Ryder
Hannah Wanjie Ryder is the CEO of Development Reimagined, an African-led and owned international development consultancy. An economist with over 20 years of experience, she is also senior associate for the Africa program at the Center for Strategic International Studies.
Trevor Lwere
Trevor Lwere is a research and coordination consultant at Development Reimagined. He has a background in economics and global affairs.
