(Bloomberg) -- Africa is on track to become a global consumer-spending powerhouse as fast-growing economies, urbanization and increases in disposable income take hold. African consumer spending will be about 40% of U.S. expenditure in five years', compared with 20% two decades ago, according to Jacques Nel, an economist at NKC African Economics. The continent's potential workforce will probably be larger than Asia's by the end of this century, United Nations data show.
To contact the reporter on this story: Prinesha Naidoo in Johannesburg at pnaidoo7@bloomberg.net
To contact the editors responsible for this story: Rene Vollgraaff at rvollgraaff@bloomberg.net, Yinka Ibukun
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