Africa now commands a new deal

Abstract

While Africa does not possess the wealth of Western continents, which has been inexorably amassed over many centuries, it does have – notwithstanding its large repository of natural resources – something advanced economies unquestionably lack: a very large youth population. Many Western and Eastern nations' economic growth is being dragged down by an ever-increasing aging population, while Africa is giving birth to a bright new generation of consumers and workers. Sub- Saharan Africa is the youngest region in the world, with 43 percent of its population under the age of 15, which only 16 percent of Europeans and 20 percent of Americans can claim. Thus, it is not surprising that both the West and East have been courting the African continent, offering tempting perks, ranging from direct foreign investments to political support at various international bodies.