Africa’s spending will reach €5 trillion by 2025

Africa will become the world’s second fastest growing region after Asia over the next five years. The continent’s household and business spending will reach €5 trillion by 2025. McKinsey & Company expects Africa’s manufacturing output to reach €84 billion.

McKinsey’s 2016 Lions II report presents a positive yet more complex assessment for Africa’s aggregate economy, compared to an earlier report issued in 2008. The report presents different patterns growth trajectories of the continent’s economies. Africa’s oil exporters’ economies show declines in growth, while others continue to accelerate their GDP expansion.

According to New Africa Business News McKinsey categorises some countries as Stable Growers (Ethiopia, Kenya, and Côte d’Ivoire), Vulnerable Growers (Nigeria, Mozambique, and Angola), and Slow Growers (South Africa and Sudan). The overall outlook is positive: according to the report, Africa’s GDP is expanding faster than the world average, driven by surging business and consumer spending.

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