Africa’s growth could outpace Asia’s this year - Financial Times

The International Monetary Fund's latest projections signal a potentially historic inflection point for global economic dynamics. According to recent analysis, Africa's aggregate growth rate could exceed Asia's in 2024—a development that challenges long-held assumptions about where capital and entrepreneurial energy should flow in emerging markets. This convergence reflects a fundamental shift in Africa's economic trajectory. While Asia dominated discussions of emerging market opportunity for decades, Africa's trajectory has been reshaped by demographic tailwinds, improving governance in key economies, and a new generation of tech-enabled entrepreneurs. The continent's median age of approximately 19 years creates an unprecedented consumption and labor force expansion, whereas Asia's aging demographics are beginning to constrain growth in several major economies. **The Mechanics Behind the Growth Story** Africa's accelerated growth stems from multiple vectors. Commodity prices, particularly for natural resources critical to the energy transition—lithium, cobalt, and rare earths—have benefited nations like the Democratic Republic of Congo and South Africa. Simultaneously, technology leapfrogging has enabled rapid fintech adoption, digital payments infrastructure, and e-commerce expansion without requiring the traditional banking intermediaries that slowed development in previous decades. Agricultural productivity improvements, driven by better inputs and climate adaptation technologies, continue to support rural economies and food security. Manufacturing capacity