Africa projected to become fastest growing region, outpacing Asia

By Anisa Muridi

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 (AfCFTA) surpasses the European Union (EU) single market, US-Mexico-Canada Agreement (USMCA) and Southern Common Market (MERCOSUR) combined.

The report, which is based on the United Nations Department of Economic and Social Affairs (UNDESA), highlights that Africa is the world’s youngest continent and is 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.

“Between 2023 and 2100, Africa’s share of the world population will grow from 18 percent to 38 percent. Africa’s median age is by far the youngest in the world at 18.8 years, representing almost half of the world’s youth by 2100,” read part of the report.