Where are seven of the ten fastest growing economies in the world? The answer may surprise you: sub-Saharan Africa. Over the last decade, countries in Africa have recorded some impressive gains across a number of key economic indicators. The second-fastest growing region globally, Africa’s strong economic performance rests on much more than simply the rising demand for commodities. A number of key sectors are also showing strong year-on-year development. Africa’s consumption is increasing. Rapid urbanisation is seeing the number of cities with more than 200,000 people growing fast, fuelling the development of a middle class and the industries that serve their growing needs including telecoms, financial services and manufacturing.
In the space of a decade, Africa’s trade with China has grown tenfold from $10.6 billion in 2001 to $106 billion in 2011. Total stock market capitalisation has risen from $245 billion in 2002 to over $1000 billion in 2010. Other key indicators tell a similarly positive story. From years of being seen in terms of its problems, Africa now has, in the early part of the 21st Century, a very positive story to tell.
Governments across many sub-Saharan African countries are acting successfully to improve their country’s economic stability. Across a number of key economies inflation is, on average, down by 60% from the levels seen in 1990s, foreign debt levels are decreasing and budgets are being rebalanced. The net result has been steady growth in GDP for those countries enacting reform, leaving those that have yet to do so some way behind.
PwC’s African footprint is unsurpassed – As a newly-merged PwC Africa, we operate from over 70 offices in 35 countries, and employ in excess of 6 500 staff members (of which 310 are partners). In the countries in which we operate, we have offices in all the major cities. We have the largest footprint of the major professional services firms. We draw on our significant experience in the local market, as well as the strength of our international network to help to build value, manage risk and improve the performance of your business in sub-Saharan Africa and make the most of the many business opportunities the region offers.