Source page: McKinsey & Company
Commentary
Aiming for growth in Africa
Africa | Growth
July 7, 2023 – Africa has the youngest and fastest-growing population, which could reach 2.5 billion by 2050. That population boom has the potential to unlock more than $3 trillion in consumer spending, according to a new report by the McKinsey Global Institute (MGI). Senior partners and MGI directors Olivia White, Jonathan Woetzel, and coauthors note, however, that Africa lags behind other developing regions when it comes to consumption, due in part to larger segments of the population that live in poverty.
To read the report, see “Reimagining economic growth in Africa: Turning diversity into opportunity,” June 5, 2023.
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Visual form
Small-multiple stacked share chart.
Layout / body structure
Africa appears as the large panel on the left, while China, India, Southeast Asia, and Latin America appear in four smaller panels on the right, and each panel reads from 2000 to 2020.
What is being compared
It compares how the population mix of five developing regions is distributed across consumer segments over time.
Measurement system
Each panel is measured in percent of population, and the legend defines the four bands by daily spending thresholds: below consuming class under $11 a day, entry-level $11 to $50, established $50 to $110, and higher consuming above $110.
Visible structure inside the graphic
Every region has the same 0 to 100 percent frame, stacked color bands show how the population is split across the four segments, and dot markers identify the year when each region fell below Africa’s 2020 poverty-share level.
Main takeaway from the visual
The visual shows that Africa still carries the largest below-consuming-class share by 2020, while the other developing regions had already shifted more of their populations into higher-spending segments.
Key standout values or extremes
The legend makes the four spending bands explicit, and the note below the chart points out that Latin America was already below Africa’s 2020 below-consuming-class share at the start of the series, which marks it as the strongest outlier in the comparison.
Controls / sequence, when applicable
This is a static chart image with no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the chart image is the full visual on this page.