When you think of “the land of opportunity”, you usually think of the US. It’s just one of the many common phrases used to describe this country of free enterprise and promise.
However, there is now another growing economy that may rightly adopt the phrase; that is the African economy.
In recent years, Africa has become the fastest growing economy in the world at a rate of 2x the global average in 2019.
In fact, the top 5 fastest growing countries are in Africa, and this thriving economy is showing no signs of slowing down.
It’s true that currently, Africa is home to 16% of the world’s population and only 3% of the global GDP, but those numbers are sure to see a quick change as Africa is poised to reach a GDP of $4.5 trillion by 2025.
Not only that, but Africa’s working-age population will soon surpass both China and India.
To add another coal to the African economic flame, the opportunities for entrepreneurship are vast and growing. In fact, 22% of working-age Africans are entrepreneurs, compared to about 16% in the US.
This number is certainly poised to expand as 70% of African students pursuing MBAs at the top 10 US and European universities plan to use their education in their home countries after graduating.
Another progressive aspect of entrepreneurialism in Africa is that 27% of all working-age African women are entrepreneurs.
The African countries of Uganda and Botswana rank numbers 1 and 2 in the highest percentages of female entrepreneurs in the world.
African women do still face the challenges of the gender wage gap, but finding ways to close that gap could boost the sub-Saharan economy by another $105 billion per year.
It seems a generally uncommon notion for the average American to view Africa as the new “land of opportunity”, but judging from the recent statistics and growth projection, it’s time we modernize our views of this thriving economy.
See more about entrepreneurship and investing in Africa in the visuals below: