{"id":53397,"date":"2014-08-20T16:44:51","date_gmt":"2014-08-20T13:44:51","guid":{"rendered":"http:\/\/www.nationalturk.com\/en\/?p=53397"},"modified":"2014-08-20T16:44:51","modified_gmt":"2014-08-20T13:44:51","slug":"africas-rising-economy-standard-bank-research-reveals-significant-rising-in-africas-middle-class-news-53397","status":"publish","type":"post","link":"https:\/\/www.nationalturk.com\/en\/africas-rising-economy-standard-bank-research-reveals-significant-rising-in-africas-middle-class-news-53397\/","title":{"rendered":"Africa\u2019s Rising Economy: Standard Bank Research Reveals Significant Rising in Africa\u2019s Middle Class \/ Africa News"},"content":{"rendered":"

\"Africa-Risisng-Economy\"<\/a><\/h1>\n

South Africa\u2019s financial giants, Standard Bank has revealed strong growth in Africa\u2019s rising middle class in its latest research report on the Living Standard Measure (LSM) in Africa.<\/h1>\n

The report, entitled “Understanding Africa\u2019s middle class” found that there are 15 million middle-class households in 11 Sub-Saharan African countries this year. Previous research in 1990 recorded 2.4 million and the figure almost doubled in 2000 with 4.6 million middle class in the same countries used in the research. <\/span><\/span><\/p>\n

This means that there has been a significant increase in Africa\u2019s middle class population by 230% over the last 14 years and the research further predicts even faster future growth by 2030. <\/span><\/span><\/p>\n

The report also found that the combined Gross Domestic Products (GDPs) of the 11 measured economies had grown tenfold since 2000.<\/span><\/span><\/p>\n

Greater elevation in income growth is expected in the next 15 years from now till 2030 and additional 14 million middle-class households are expected across the 11 focal countries used in the research which is projected to reach 40 million middle class households by 2030.<\/span><\/span><\/p>\n

The 11 focal countries used in the research are Angola, Ethiopia, Ghana, Kenya, Mozambique, Nigeria, South Sudan, Sudan, Tanzania, Uganda and Zambia and Standard Bank senior political economist, Simon Freemantle who authored the research said the new report is cause for optimism among investors in Africa.<\/span><\/span><\/p>\n

“Concerning the undoubted ongoing improvement in Africa\u2019s economic, performance has to be tempered with the reality that the level of this growth and the nominal size of the continent\u2019s middle class had not until now been adequately measured”.<\/span><\/span><\/p>\n

“Looking ahead, an even greater elevation in income growth is anticipated in the next 15 years; between 2014 and 2030, we expect an additional 14 million middle-class households”, Mr. Freemantle said in the reported copied to the <\/span><\/span>NationalTurk.<\/i><\/span><\/span><\/p>\n

Simon Freemantle also cautioned that income inequality is high in the countries used in the research but added that those living below the poverty line in those countries would fall by 75% and that is good news for investors.<\/span><\/span><\/p>\n

“Though there has been a meaningful individual lift in income, it is clear that a substantial majority of individuals in most countries we looked at still live on or below the poverty line, income discrepancies are vast among the 11 economies, with almost 86% of the 110 million households in the focal grouping falling within the low-income band. This is expected to fall to around 75% by 2030”, Simon Freemantle added.<\/span><\/span><\/p>\n

The Standard Bank Limited is one of South Africa’s largest financial services groups. It operates in 32 countries around the world, including 19 in Africa.<\/span><\/span><\/p>\n

Issaka Adams \/ NationalTurk Africa News<\/span><\/span><\/p>\n

Writer\u2019s Email Address: Adamsissaka@googlemail.com<\/a><\/span><\/span><\/p>\nError, group does not exist! Check your syntax! (ID: 15)<\/span>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa\u2019s financial giants, Standard Bank has revealed strong growth in Africa\u2019s rising middle class in its latest research report on the Living Standard Measure (LSM) in Africa.<\/p>\n","protected":false},"author":702,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,80,63,51,1,118,14],"tags":[77153,72636,72635,72637,72638],"class_list":["post-53397","post","type-post","status-publish","format-standard","hentry","category-africa","category-breaking-news","category-daily","category-economy","category-general","category-hot","category-world","tag-africa","tag-africa-economy-rising","tag-africas-rising-economy","tag-standard-bank-africa","tag-standard-bank-research-reveals-significant-rising"],"_links":{"self":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts\/53397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/users\/702"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/comments?post=53397"}],"version-history":[{"count":0,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/posts\/53397\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/media?parent=53397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/categories?post=53397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationalturk.com\/en\/wp-json\/wp\/v2\/tags?post=53397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}