Is Africa the growth engine of the 21st Century? Many analysts and companies, including IBM, think so. In fact, at the recent Global Innovation Outlook session sponsored by IBM, the topic was not e-commerce, global sourcing, or some other classic of business arcana, but rather a close look at the economic prospects for Africa today.
Visionary Executive Vice President of Innovation and Technology Nick Donofrio kicked off the session, citing some compelling numbers: African economic growth, which has averaged 5.4 percent the past decade, is forecast to reach 6.8 percent in 2008. Donofrio described Africa as "the world's last great emerging market--the youngest and fastest growing population and rich in natural resources," describing its 930 million denizens as holding "tremendous economic potential that has yet to be realized." In planning for this GIO initiative, IBM did extensive research with a 150 experts on Africa, including business and government leaders, entrepreneurs, academics, and other thought leaders as well as non-government organizations.
The consensus was clear: Africa is on the verge of breaking wide open.
Source: AMR Research, http://amrresearch.com