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Beyond ‘Africa Rising’ – The Emergence of the Not-Quite-Middle Class

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The past five years or so have seen a number of exuberant studies and predictions that Africa’s rapid growth was creating a new middle class. This new group of consumers, it was argued, would become an engine of domestic demand, reducing reliance on exports and sustaining economic growth in the same way as they have in China. There were even predictions that this new middle class would transform governance and politics. This was the hopeful and optimistic story of “Africa Rising.”

The imagery was so powerful that the IMF named a conference after it. Opening that conference just two years ago, IMF chief Christine Lagarde told delegates, “Africa’s success journey has been truly remarkable,” and that “Africa’s future lies with itself and its people.”

For more on this story visit the following link: Beyond ‘Africa Rising’ – The Emergence of the Not-Quite-Middle Class

Source: Next Billion

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