Modernization and Discretionary Income Positions Africa On The Rise
The Growing Modernization in Africa THEGIFT777Move over, Asia: One of the world's fastest growing regions is actually Africa, where greater stability, growing foreign investment, and the emergence of a consumer class are fueling an economic boom. As the portfolio manager for the T. Rowe Price Africa and Middle East fund, I look for investment opportunities across two large regions - more than 60 countries in all. Since there's much less research than usual written about the companies and countries the fund covers, it's critical for us to visit the countries and meet with management. On average, I'm traveling once every four weeks. Africa represents what we like to call "frontier" markets. To provide some perspective, you can think about global markets in three distinct segments. "Developed" markets like the U.S. and Europe sit at the top - they have strong regulation, a lot of liquidity, and broad,...