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Rapid population growth, accelerating urbanization and prompt technology adoption are making Africa the world’s next major growth market, according to a recent analysis. Insights published in a bimonthly business magazine, Harvard Business Review Press, in November state that the continent is poised for economic acceleration akin to the Asian boom.
    The authors say the continent is a breeding ground for firms eager to build large, profitable businesses. "There is a trillion-dollar opportunity to industrialize Africa, to meet rising domestic demand and create a global bridgehead."
    However, it warned that Africa’s business environment remained poorly understood and known to many executives in the West only by its reputation for complexity, conflict and corruption.
    Conversely, a United Nations agency, Economic Commission for Africa, has again identified East Africa as one of the fastest growing regions in the world. The region, covering Kenya, Uganda, Tanzania, Rwanda, Burundi and the latest addition South Sudan, has been growing at an average growth rate of 6.7 percent between 2013 and 2017, double the African average.
    Average life expectancy has increased by 5.3 years over the past decade, with some countries, such as Kenya and Rwanda, registering unprecedented gains.
    "There are of course still many challenges—chief among them being the need for faster job creation for the rapidly growing population—but on balance progress has been impressive. Life expectancy is a good general indicator of living standards, and the pace of change is one of the fastest in history," said Andrew Mold, acting director of the ECA in Eastern Africa, presenting an overview of economic and social developments in the region at the 22nd meeting of the Intergovernmental Committee of Experts, ICE in Kigali, Rwanda.