Africa's spending to exceed $5.6T by 2025: McKinsey

Africa’s household and business spending will top $5.6tn by 2025 and its manufacturing output could reach $93bn, according to a new McKinsey & Company report.

The management consulting firm also forecasts the continent will become the world’s second fastest growing region after Asia over the next five years.

McKinsey’s Global Institute released Lions on The Move II: Realizing the potential of Africa’s economies on August 15, a sequel to its 2010 Africa survey which gained high circulation in business and policy circles.

Read more: Africa’s spending to top $5.6tn by 2025: McKinsey – This is Africa