Africa: 2008 vs 2020

Africa at work: Job creation and inclusive growth

African economies are on the move. The continent has been the second-fastest-growing region in the world over the past decade. GDP is on course to expand by 4.8% in 2012. The acceleration in Africa’s growth over the past ten years reflects fundamental improvements in the macroeconomic landscape, political stability, and the business environment. MGI’s 2010 report Lions on the move: T he progress and potential of African economies found that Africa is harnessing its natural wealth, and that sectors across the economy are growing rapidly. These sectors include agriculture, manufacturing, and local services such as retail, banking, and transportation and communications, in addition to the  natural resources sector, which was the largest single contributor to growth.

Africa today …..

  • 382 million in Africa’s workforce
  • 42% of workforce employed outside agriculture
  • 28% of workers earn a wage vs 24% in 2000
  • Retail and hospitality accounted for 18% of new wage-paying jobs since 2002 vs 11% from manufacturing
  • 32% of African businesses surveyed cite access to finance as a major constraint on growth

….. and in 2020

  • 122 million more workers, more than any other region
  • 72 million new wage-paying jobs could be created by 2020
  • 36% of workforce in wage-paying jobs if this potential is realized
  • 128  million consumer households, up from 90 million in 2011
  • 48% of Africans with secondary of tertiary education

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