natural resources but its vast human capital. Africa may, in fact, prove to be one of the next great global stories. Susan Lund is a principal at the McKinsey Global Institute, the business and economics research arm of McKinsey & Co. Arend Van Wamelen is a principal in McKinsey's Johannesburg office. Artick 5. The Nati

Debt increased at every level, from consumers to companies to banks to whole countries. The effect varied from country to country, but a survey by the McKinsey Global Institute found that average total debt (private and public sector combined) in ten mature economies rose from 200% of GDP in 1995 to 300% in 2008 (see chart