Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

People walk a market in Maiduguri, Nigeria. Nigeria is one of the 5 largest consumer markets in Africa. Photo: Aminu Abubakar/AFP/Getty Images

Consumer expenditures in Africa are expected to rise to $2.1 trillion by 2025 and $2.5 trillion by 2030, more than doubling the 2015 level, according to a recent study from the Brookings Institution.

Why it matters: Brookings' Landry Signé notes that African consumer purchases are some of the fastest growing in the world and will be lifted further by a burgeoning middle class.

  • "Household consumption has increased even faster than its gross domestic product (GDP) in recent years—and that average annual GDP growth has consistently outpaced the global average," he writes in Brookings' report on Africa.

By next year, Signé expects more than half of all African households to have some discretionary income. In the five largest consumer markets — Nigeria, Egypt, South Africa, Morocco and Algeria — the African Development Bank estimates there will be 56 million middle-class households with disposable incomes of nearly $680 billion.

African consumers who are considered "better off than middle class," according to OECD standards, are expected to spend an additional $174 billion per year over the same period.

  • "At present, the middle class accounts for roughly one-third of the region’s population, but it is expanding so quickly that total consumer expenditure is expected to double by 2020," Signé writes in the report.

Emerging economies, including Asia, Latin America and Africa, are increasingly carrying the world's growth.

  • "About half of the world's fastest-growing economies will be located on the continent, with 20 economies expanding at an average rate of 5 percent or higher over the next five years, faster than the 3.6 percent rate for the global economy," Brahima Coulibaly, director of Brookings' Africa Growth Initiative, wrote in a recent paper.

But, but, but: Debt is a serious issue. Many of these countries are reliant on commodities, which may lose value as global growth slows, and many have never shouldered such a high level of debt.

  • Brookings says at least 14 African countries are either in debt distress or at high risk of debt distress, up from 6 countries just 5 years earlier. These countries currently have total debt of around $160 billion, of which $90 billion is external debt.

Go deeper: Relief then recession in South Africa

Go deeper

3 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

5 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus cases rose 10% in the week before Thanksgiving.
  2. Politics: Supreme Court backs religious groups on New York coronavirus restrictions.
  3. World: Expert says COVID vaccine likely won't be available in Africa until Q2 of 2021 — Europeans extend lockdowns.
  4. Economy: The winners and losers of the COVID holiday season.
  5. Education: National standardized tests delayed until 2022.