(IndustryWeek – AFP)
More than one in three Africans have entered the middle class in the past decade, and their numbers are set to increase thanks to rapid economic growth, a study showed Monday.
At least 370 million Africans, or 34% of the continent’s 1.1 billion people, are described as members of the middle class, according to a survey by the African Development Bank. In turn, the bulging middle class will help drive further economic growth and development, the Tunis-based AfDB said.
By 2060 the group should represent 42% of the population, according to the study launched in Johannesburg nearly 20 years ago. Read more here.