According to the analysts at McKinsey & Company, Africa is facing a crucial moment. It must succeed in unlocking its true potential and fully embrace development that will transform it from bringing up the rear to best in class. The raw materials are there, but tools and work are required.
The global crisis and the socio-political phenomenon of the so-called Arab spring deeply impacted the African economy, creating a real watershed. There is a before and an after, as the experts at McKinsey also highlight in the “Lions on the move II” report. Before, the African countries that were growing the most were exporters of petrol and natural gas, who saw their GDP rise at a rate of 7% per annum. After them came the countries where the uprisings took place, with an average growth rate of almost 5%. Behind are all the others, with an average of +4%. Since 2010 things have changed. The Arab spring states have come to a standstill, the exporters of raw materials have slowed sharply, falling to +4%, while the others have maintained or even improved their performance (+4.4%).
The untapped potential
What does Africa need to work on to capitalise on its strength? It must undoubtedly enhance its potential, focusing on increasing production and domestic consumption, according to McKinsey. In 2034 there will be 1.1 billion Africans of working age, a huge basin that may be the winning engine for the continent’s businesses. Other elements of strength reside in the abundance of natural resources and the high potential for technological development. The latter aspect, which VueTel Italia has always believed in, would mean that work can be performed simultaneously on both economic development and on social development and human rights. New technologies, in fact, are the tool which Africa is now using to fight for an enhanced quality of life, especially in the most disadvantaged areas.