The middle of the pyramidPosted: 12/06/2012
It all started with ‘The Middle of the Pyramid: dynamics of the middle class in Africa’ report prepared by the African Development Bank (AfDB) in April 2011. The current hype about Africa’s middle class, that is. “The number of middle class Africans has tripled over the last 30 years to 313 million people, or more than 34% of the continent’s population” the AfDB’s article on the report contends. In theory, this has important implications for economic growth as middle classes make up the bulk of consumers, can induce demand for local manufactured produce and are often also linked to democratisation processes. Now it seems multinationals, for good and worse, have jumped on the bandwagon to cash in on some of the profits of Africa’s ‘take-off’.
Read the full article here by the original author.
Excerpt of article from Africa State of Mind.Category: Economy, Market Related