All in all, we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households. Medium to longer-term inflation expectations remain firmly anchored in line with the Governing Council’s aim of keeping inflation rates below, but close to, 2% over the medium term.
Estimates by the African Development Bank (ADB) show that consumer spending by the middle class reached $ billion and accounted for 25 per cent of Africa’s GDP in 2008. This figure is projected to reach $ trillion by 2030. On the supply side, the rise of the services sector has been one of the defining characteristics of the structural change in African economies.