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.
Grappling with goals for sustainable development is not only a demanding task but also a big challenge. Sustainable development seeks to achieve social and economic progress in ways that will not exhaust the earth's natural resources. The world's resources are finite, and growth that is unmanaged and un-sustained will lead to deteriorating conditions for all. We owe it to future generations to explore lifestyles and paths of development that effectively balance opportunities with possibilities. Therefore, creating goals are an important dimension to sustain development.
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.
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.