The economic weight of Southern actors at the global level over the last two decades has been unprecedented in speed and scale. Whilst growth levels of western economies plummeted following the 2008-2009 financial crisis, developing economies continued to grow at high rates, largely driven by a variety of factors, including sound industrial policies and investments in human, physical and technological capacities.
Africa’s need to aggressively pursue the industrialization path has become more compelling in light of the need to sustain current growth standards. With carefully developed backward and forward linkages, industrialization has the potential to diversify economies and reduce exposure to external shocks. We at ECA are working the case for industrialization and we do not apologise for that. We are convinced it opens doors to address most of Africa’s many challenges, if properly done.
Africans are eating like the rest of the world, but what they are eating isn’t necessarily good for them. White bread with jam and butter is fast becoming the new breakfast trend and substitute for traditional porridge, the likes of pap or uji. Research shows that over the last 50 years Africans have dramatically changed their diet and are eating more of the same foods as the industrialized world. At least 18 African countries have changed more than 25 % of their diets.
Between 2000 and 2009, eleven African countries grew at an annual rate of 7 percent or more, which is considered sufficient to double their economies in ten years. Africa’s collective GDP at over US$2 trillion today is roughly equal to Brazil’s or Russia’s, and larger than India’s. On the economic front, Africa is now seen as a vibrant frontier market and an emerging pole of growth.
In every century there are a few names and events that mark history. When I attended the first public speech by Nelson Mandela after he was released from prison I could not have imagined that this man was going to be the absolute rallying personality of the century.
By Carlos Lopes and Tony Elumelu
Of the world’s fifty-two Small Island Developing States (SIDS), six are in Africa. They include; Cape Verde, Comoros, Guinea Bissau, Mauritius, São Tomé and Príncipe and Seychelles. These countries range in size from the smallest, Seychelles, which is composed of 115 small islands representing the largest number among African SIDS, to the largest, Guinea Bissau, which comprises close to 80 islands. For most, these countries trigger vivid images of tourist heavens characterized by tranquil beaches, palm trees, clear turquoise waters or colourful coral reefs.