Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. 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!

Want a daily digest of the top Denver news?

Get a daily digest of 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!

Want a daily digest of the top Des Moines news?

Get a daily digest of 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!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

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!

Sub-Saharan Africa's rising population and economies have led to a growing middle class and, in turn, more spending power which provides "a vast source of potential for prosperity," per experts at the African Development Bank.

The big picture: Since 2000, the wealth of sub-Saharan African nations has been growing much faster than the global average and than that of the more prosperous Northern African nations. And in the next five years, analysts at the International Monetary Fund expect the region's GDP to expand even faster.

Expand chart
Data: IMF World Economic Outlook Database; Chart: Andrew Witherspoon / Axios

Key numbers:

  • Africa's population has grown to 1 billion since 2010, and the continent's middle class has grown to 350 million, according to an African Development Bank estimate.
  • Private consumption has risen an average of 3.7% year-to-year since 2010, and that growth is expected to hold in 2018. It has been the most significant factor in the GDP growth of sub-Saharan Africa since the beginning of the century.
  • Consumer spending accounts for 50–60% of the growth of Africa's economy, with the second more impactful factor being investment in infrastructure.
  • As the population keeps growing, consumer spending is projected to rise from $680 billion in 2008 to $2.2 trillion by 2030.

Yes, but: The middle class is driving growth, but 645 million Africans still live without access to electricity and the lack of infrastructure has the potential to slow growth. Still, governments are ramping up spending on infrastructure, the African Development Bank notes. Per their analysis, public spending on infrastructure grew by 3% of GDP in 2014, and that growth is expected to stay constant for the next five years.

Go deeper

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

How the tech stock selloff is hurting average Americans

Expand chart
Data: FactSet; Chart: Axios Visuals

Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.

Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

2 hours ago - World

UN rights chief: At least 54 killed, 1,700 detained since Myanmar coup

A Feb. 7 protest in Yangon, Myanmar. Photo: Getty Images/Getty Images

Police and military officers in Myanmar have killed at least 54 people during anti-coup protests, while "arbitrarily" detaining over 1,700 people, United Nations Human Rights Commissioner Michelle Bachelet said Thursday.

Why it matters: Protesters have demonstrating across Myanmar for nearly a month, demanding the restoration of democracy after the country's military leaders overthrew its democratically elected government on Feb. 1.

3 hours ago - Health

The danger of a fourth wave

Expand chart
Data: The COVID Tracking Project, state health departments; Note: Anomalous Arkansas case data from Feb. 28 was not included in the calculated change; Map: Andrew Witherspoon/Axios

The U.S. may be on the verge of another surge in coronavirus cases, despite weeks of good news.

The big picture: Nationwide, progress against the virus has stalled. And some states are ditching their most important public safety measures even as their outbreaks are getting worse.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!