ECONOMIC FUTURE
Role for Africa as Canada realigns trade
The middle class in Africa now represents almost a third of its current population and is growing, write David Luke and Phil Rourke
The arrival of President Donald Trump threw Canada’s Liberal government’s trade strategy off balance. A reshuffling of the cabinet and the now laser-like focus on the US, Canada’s most important commercial relationship, confirmed the need for a reboot. The first casualty is likely to be the government’s "progressive trade agenda", particularly on the developing world. As newly confirmed Trade Minister Francois-Philippe Champagne considers his options, Africa is the best rationale to keep this agenda on his priority list. Africa’s GDP has now surpassed $3-trillion. Its population has reached 1-billion and is expected to surpass 2-billion in the next 30 years. By that time, the figure will be larger than China’s and India’s combined. The middle class in Africa now represents almost a third of its current population and is growing. According to a recent McKinsey report, Africa’s strong household consumption and business spending will offer companies $5.6-trillion in opportunities by 20...
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