Africa is now projected to become the fastest growing region globally, outpacing Asia, according to a new report by Mo Ibrahim Foundation. It is reported that six out of the ten fastest growing economies in 2023 are African countries.
With a ready market of more than 1.4 billion people, the African Continental Free Trade Area surpasses the European Union single market, U.S.-Mexico-Canada Agreement and Southern Common Market combined.
The report, which is based on the United Nations Department of Economic and Social Affairs, highlights that Africa is the world’s youngest continent and projected to be the only region whose population will grow significantly from 2060. The population in Africa is already twice that of Europe, with over 2.2 billion people.
It attributes that there is no green global economy without Africa’s natural resources, which accounts for 30% of the world’s mineral reserves, many of which are critical to renewable and low-carbon technologies. Asia now represents almost 42% of Africa’s exports and over 45% of its imports, above Europe in both cases, reports