Africa will have faster economic growth than any other region by 2040: PwC

Dar es Salaam, Tanzania

Savvy CEOs already recognise the economic clout Kinshasa, Johannesburg and Lagos have in Sub-Saharan Africa (SSA). That’s why most large Western corporations are already active in at least one of Africa’s largest cities.

But what about Luanda or Dar es Salaam? Both these cities will likely have more inhabitants than London by 2030 – just two of 10 SSA metropolitan centres that are projected to triple their size in that period.

Simply put, Africa is rising at an unprecedented rate, driven by a young population, rapid urbanisation, a burgeoning middle class and technology that’s fostering innovation across SSA’s entire business landscape.

By 2040, Africa’s projected to have the biggest labour force in the world and could have faster economic growth than any other region, according to PwC’s Global Economy Watch.

Taken together, SSA’s 10 largest cities (after the top three noted above) are on course to add around 34 million people to their population and triple their combined GDP, rising by around $140 billion. That’s roughly equivalent to the annual output of Hungary.

Read more: Spotlight on Africa: PwC