Leading emerging markets investment bank and research company, Renaissance Capital has released a new book, The Fastest Billion which chronicles Africa’s Economic Revolution. With a forward from former World Bank Managing Director and current Co-ordinating Minister for the Nigerian Economy, Dr. Ngosi Okonjo Iweala, the publication argues that just like Asia did in the 1970s, Africa is on the cusp of an economic boom that will see its GDP increase from $2 trillion today to $29 trillion or more by 2050.
According to the company:
From the vantage point of many in the West, Africa remains a continent of woe — a place stalked by ethnic conflict, corrupt dictatorships, religious strife, war and famine.
But today, at last, the flawed mythology that treats Africa as a homogenous disaster area is being challenged by investors, economists, fund managers and academics. Age is not often associated with speed; but Africa, the cradle of civilisation, now has more of the world’s fastest-growing economies than any other. After a generation of relative stagnation in the late 20th Century, many in Africa have begun the long-awaited period of catch-up with the developed world. The bottom billion is becoming the fastest billion.
This book, the work of a group of African economists and highly respected analysts from Renaissance Capital, the leading emerging markets investment bank, aims to accelerate the world’s realisation that Africa has no intention of allowing the coming decades to add up to an “Asian Century”. Africa’s day has arrived.
The publication is authored by prominent Renaissance Capital researchers including its Chief Economist Charles Robertson, its Head of Research for Sub-Saharan Africa, Nothando Ndebele, its Sub-Saharan Africa Economist, Yvonne Mhango among others. Interested CP-Africa readers can learn more about the publication on its website at www.fastestbillion.com.