Africa is no longer the "lost continent" of popular imagination. The region has been growing rapidly for over a decade, the private sector is expanding, and a new class of consumers is wielding considerable spending power. And because of its young and growing population, the sky is the limit for future growth: Between 2010 and 2020, the continent is set to add 122 million people to its labor force. An expansion of this magnitude should set the stage for dynamic growth, but capturing this potential will require a change in economic development strategy. At its current pace, Africa is not generating wage-paying jobs rapidly enough to absorb its massive labor force, which will be the largest in the world by 2035.
Across Africa's diverse mosaic of countries, the challenge is the same: to create the kind of jobs that will ensure continued prosperity and stability for its citizens and enable Africa to become a major player in the world economy. If current trends continue, it will take the continent half a century to reach the same share of its labor force in stable, paying jobs as we see in East Asia today. Africa's most developed economies have a better record in producing wage-based employment, but shortfalls persist even in countries like South Africa, Egypt, and Morocco. Without wage-paying jobs, millions will be forced to turn to subsistence activities to survive, squandering vast potential.
To change this picture, Africa's leaders must move to accelerate job creation in order to entrench economic growth and continue to expand Africa's emerging consuming class. But it won't be easy. To illuminate the opportunities and challenges ahead, here are 10 things you might not know about Africa's economic landscape:
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