Nigeria, Egypt, and South Africa were responsible for 65 per cent of Africa’s Gross Domestic Product slowdown, McKinsey has disclosed.
Nigeria and 12 other African countries are home to 37 per cent of the continent’s population and accounted for 46 per cent of its GDP in 2019.
It said, “Between 2010 and 2019, growth in these countries did not keep pace with population growth—in the aggregate, 27 million more people in this cluster lived in poverty at the end of the period—and per capita consumption growth was stagnant at 0.8 per cent a year on average.”
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