A new survey of 206 African business executives shows that the revenue and profit contribution from the continent is expected to rise materially in the coming five years, while Nigeria’s importance as a primary market is likely to increase and South Africa’s decrease over the period.
Titled ‘Africa is the horizon: the 2015 African Business Outlook Survey’, the report has been compiled by The Economist Corporate Network, the business advisory service of The Economist Group, which canvassed executives based primarily in the four biggest sub-Saharan economies – Nigeria, South Africa, Angola and Kenya.
It indicates that ongoing economic growth is providing the underlying rationale for business optimism, with the Economist expecting sub-Saharan Africa’s gross domestic product (GDP) to expand by 4.5% in 2015, making it the world’s fastest growing economic zone, ahead of Asia’s regional average of 4.3%.
The group’s global expectation is for growth of 3.6%, supported by a recovery in the US and continued, albeit more moderate, economic expansion in key developing countries such as China and India.
The survey estimates that, over the coming five years, sub-Saharan Africa’s share of global GDP will more than double, from 1.4% to 4% by 2020. More
Source: www.engineeringnews.co.za
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