6 of the 10 fastest growing economies in the world are now in Africa: Rwanda (8.7%), Cote d’Ivoire (7.4%), Ethiopia (7.4%), Ghana (7.1%), Tanzania (6.8%) and Benin (6.7%).
Some regions are growing faster than others. East Africa is the fastest growing region with growth rate of 5% in 2019, followed by North Africa (4.1%), West Africa (3.7%), Central Africa (3.2%) and Southern Africa (0.7%).
For the first time in more than one decade, growth in Africa is due largely to expansion of investments rather than consumption, as well as from exports.
China’s approach may change in the future. That’s if it can neutralise the pivot of Persian Gulf airports at Dubai, Abu Dhabi and Doha. And if it can out-manoeuvre their airlines in global long-haul markets. It may be more likely that China’s penetration of African civil aviation will occur via partnerships with African airlines, and taking equity shares.
Without visiting Ethiopia, it’s hard to gauge the country’s movement towards a digital economy. However, Ethiopia is racing to become a leader in an African digital financial services revolution.