By Andrei Skvarsky.
A Renaissance Capital team of analysts have brought out a book making a passionate case for investment in Africa, crediting the continent’s economy with developing by leaps and bounds.
“The economies of most African nations have transformed beyond recognition, and are set to surpass the growth seen in Asia and India over the past 30 years,” a statement from the Moscow investment bank says in giving the gist of The Fastest Billion: The Story Behind Africa’s Economic Revolution.
The team of authors, led by Charles Robertson, RenCap’s global chief economist, “show how Africa’s accelerated economic growth has unleashed some of the most exciting business and social opportunities the world has seen [and] demonstrate how Sub-Saharan Africa is charging forward on almost every metric, and will surpass China and India as the economic growth story of the future.”
“Africa has firmly shifted into the high-growth camp after two decades of stagnation,” the statement quotes Robertson as saying.
“The continent is thriving, with some of the fastest-growing countries doubling the size of their economies each decade. We believe now is Africa’s moment. The continent has all the necessary elements in place for a period of accelerated growth. Renaissance believes Africa’s economy will grow from $2trn today to $29trn by 2050 – greater than the current economic output of both the US and eurozone. Renaissance wants to take our readers on a journey of Africa to reveal what is making Africa the most exciting continent to do business in, and why we believe Africa will be the most rewarding place to do business in for the next 30 years.”
RenCap, which pulled into Africa seven years ago, is today the international investment firm with the largest on-the-ground presence in the continent, according to the statement.