To make an argument for this, one must understand the transitions many African countries are undergoing. Africa has the youngest population in the world, coupled with very few people of retirement age. This puts the continent in a unique position to grow. This is almost the complete opposite to many developed countries, who have seen their economies slow down due to the growing retirement age group. African economies with the strongest growth prospects will see the middle class grow with increasing workforce participation rates. This will have a tremendous effect on the increase in demand for goods and services and in return will help drive domestic economies forward.
For decades, Africa has been marred by political instability, which has had a profound negative effect on its nations leader’s abilities to plan for their country’s future. After all, it would be difficult to plan long-term development projects when there is fear of change in governmental powers. However, the 21st century brought an era of unprecedented political stability to the continent. With all these factors falling into place, is why one may see the growth rates today.
African Countries are also in a great position to grow their agricultural sectors. The continent contains the majority of the world’s uncultivated land suitable to grow crops. With the global population expected to grow to 9 billion by the year 2050, Africa and its countries have an enormous opportunity to meet the inevitable increase in demand for food.