Could Africa be EM story of the decade?

AFRICA

Mark Mobius, executive chairman at Templeton Emerging Markets Group, examines the long-term growth potential of a continent made up almost entirely of frontier markets.

More than a billion strong and with a median age of just 20 (United Nations, 2010), the population of Africa has seen its prospects and productivity transformed by education, mobility and access to capital resources. The effects of this virtuous circle are evident. Between 2001 and 2010, six of the world’s fastest growing economies were in the region (The Economist; International Monetary Fund). Over the next five years, the International Monetary Fund forecasts GDP growth in excess of 5% for sub-Saharan Africa. Certain countries such as Nigeria, Ghana and Kenya are projected to grow ...