The article discusses the looming demographic shift in the world economy, where sub-Saharan Africa's working-age population will surpass that of the developed world next year. Despite this potential, Africa's economic growth is hindered by lack of investment, institutions, and technology. The author argues for a historic investment push and criticizes the failure of blended finance to deliver promised private investment. The piece calls for a new approach to global development, including debt relief and bankruptcy protection for sovereign borrowers, to address the continent's solvency crisis.
The author is an FT contributing editor and writes the Chartbook newsletter As much of the world obsesses over artificial intelligence and US President Donald Trump’s latest disruption, another historic megatrend is creeping up on us. Next year, if UN predictions are to be believed, the number of working-age people in sub-Saharan Africa will overtake that in the developed world. The demographic balance of the world economy is shifting.
The World Bank and the IMF have been forced to fill the gap. This is not what they are designed to do. It isn’t sustainable and it cannot deliver the scale of financing that is needed. Given the structure of the Bretton Woods institutions inherited from their founding moment in 1944, the US has a decisive voice in shaping their future. To its credit, the Biden administration recognised that more funding was needed.
AFRICA DEMOGRAPHICS INVESTMENT GLOBAL DEVELOPMENT DEBT
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