What’s driving Africa’s growth?

Many African countries are still facing serious challenges, including poverty, disease, and high infant mortality. At the same time, the continent is among the world’s most rapidly growing economic regions. Africa’s collective GDP, at US$1.6 trillion in 2008, is now roughly equal to Brazil’s or Russia’s.

Soaring prices for oil, minerals, and other commodities have helped lift GDP since 2000. On top of that, the keen interest of China in resource rich Africa has given a tremendous boost to exports and infrastructure development. Since 2009, China is the leading trade partner of Africa, taking over the first position of the USA. So, how will the near future look like. Will this pattern continue?

The McKinsey Global Institute (MGI) has conducted research into the reasons for the accelerated growth, and the resulting new economic relations that are being established, primarily with Asia. I certainly recommend further reading!

Read the full article on McKinsey Quarterly