Africa: Is Africa's Growing Middle Class a Mirage?

Poverty is declining and a new middle class is springing up in Africa. This was the mantra that lured global corporations to African markets. But now the hype is losing its gloss.

Western corporate belief in a rising African middle class would appear to be fading. Barclays is leaving the continent. The British banking giant is selling its South African subsidiary Absa, which it acquired in 2005. Last year, food giant Nestle shed 15 percent of its workforce in Africa.

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