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:   Discussion Shows Male Journalists Don't See Women Journalists as Equal (opinion)
Graca Machel Trust
26 October 2016

IT was an interesting, though provoking media discussion that was called to debate the role of women in the media. The theme of the media forum, which brought together journalists and media personnel ... [read more]

Africa:   States Urged to Fight Financial Crimes to Boost Investor Confidence (news)
The New Times
27 October 2016

Financial crimes and weak corporate structures are undermining Africa's economic development and structural transformation, experts have said. Speaking at the opening of the third Afreximbank Due ... [read more]

Africa:   Tanzania Shines in 2017 'Doing Business' Report (news)
Tanzania Daily News
27 October 2016

Tanzania has performed impressively in doing business report, scoring 54.48 points in distance to frontier (DTF) and rising seven places in the global ranking. According to the World Bank's 2017 ... [read more]

blogAfrica is'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!