Yesterday, Google and the International Finance Corporation published a report entitled e-Conomy Africa 2020. It estimates that the economy of the African continent could gain 180 billion dollars by 2025 thanks to two things: greater access to a fast and quality Internet connection, as well as the realization of the African Continental Free Trade Area project.
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“Google and IFC have created this report to highlight the role that the digital startup industry plays and other factors driving the continent’s growth, in order to showcase and support the opportunities that the continent presents,” Nitin Gajria, Google Director for Sub-Saharan Africa said. “For Africa, continuing this momentum requires investment in infrastructure, consumption of digital services, public and private investment, and new government policies and regulations.”
Here Is What You Need To Know
- The report indicates that the internet economy has the potential to reach 5.2% of Africa’s GDP. When the projection is extended to 2050, its contribution exceeds the $ 700 billion mark. In the short term, i.e. by the end of the year, Accenture (study contributor) expects i-GDP to be worth $ 115 billion, or 4.5% of total GDP ($ 2,544 billion). In 2019, it represented 3.9% of the economy with $ 99.7 billion.
- Among other factors behind this growth, the report cites the rapidity of urbanization, the growing pool of technological talent, and the dynamism of the startup ecosystem.
- To read more of the report, click here.
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