Africa Is the Key to Sustained Global Growth |
WASHINGTON, DC—More than 50 years after decolonization, the West still regards Africa as a supporting player in the global economy: a source of raw materials and little else. This outdated view has hampered Africa’s development of high-value manufacturing industries and integrated supply chains, impeding economic growth. As a result, disparities in per capita income between Africa and other regions have increased, and the continent’s share of global trade has fallen below 3%, even though Africa accounts for almost one-fifth of the world’s population.
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But as more countries cross the “super-aged” threshold, with more than 20% of the population aged 65 and older, the international community should be increasingly motivated to stop placing Africa in a peripheral role. The world economy needs new drivers of demand, and Africa is uniquely suited to fulfill........