Africa's flawed growth story

From Emergent Africa Tue Jan 15 2013, 06:00:00

In Africa Confidential:

As Western bankers and traders cheer higher growth rates, Africa's economists sound alarms about the lack of investment in manufacturing and new jobs

Celebrating Africa's impressive growth rates over the past decade has become a growth industry of its own. Africa's economies have been outpacing Eastern Europe, the Middle East and South America. Seven out of the ten fastest-growing economies in the world will be in Africa, according to the International Monetary Fund. Its sister organisation, the World Bank, argues that Africa could be on the brink of an economic take-off similar to China's in the 1980s. It adds that governments have slashed budget deficits and brought down inflation to single figures, duly encouraged, of course by the IMF and World Bank.

Joining in the commendation are the banks: the United States' Merrill Lynch calls Africa the 'final frontier' where 'opportunities abound'. Russia's Renaissance Capital, which has invested heavily in Nigeria, last year published a tome explaining how 'the bottom billion has become the fastest billion'. Two international news magazines chimed in with similar collections of upbeat economic data and used the same headline: 'Africa Rising'. But is it really?More here

[view whole blog post ]
 See More    |     Report Abuse


You might also be interested in the following news stories:

Africa:   African River Study Fills Gap in Carbon Emissions Tally (news)
SciDev.Net
30 July 2015

African rivers emit a vast amount of greenhouse gases, a major paper on this understudied topic reveals. [read more]

Africa:   Classrooms of the E-Future Will Be Virtual With Life-Like Reality (analysis)
The Conversation
30 July 2015

Groundbreaking 3D hologram technology will create a virtual classroom. The new hologram is a creative innovation that will transform electronic modes of teaching. It will give lecturers and students a ... [read more]

Afrique:   CAN U23 - Six places en jeu (news)
Confederation of African Football
31 July 2015

Amateurs de sensations fortes, à vos postes. Le tableau du 2e Championnat d'Afrique U23 sera complet dimanche soir. On saura alors qui accompagnera le Sénégal, pays organisateur ... [read more]



blogAfrica is allAfrica.com's platform to help you keep an ear on the African blogosphere. We draw diverse voices from around the world who post regularly and insightfully about African issues. Bloggers, submit your blog's rss-feed!


Today's Featured News
Mozambique Ruling Party Faces Tough Contest

Renamo supporters: Ruling Frelimo faces a stern challenge at Wednesday's polls from...

Surge in Central African Republic Violence

African Union troops in Bangui (file photo): The UN has expressed alarm...

Nigeria, Cameroon, Ghana Get Crucial Wins

Asamoah Gyan of Ghana (file photo): The Super Eagles have boosted their...