Friday, May 31, 2013

Africa: Economic growth is not enough


The Outlook indicated that African countries must tap into their natural resource wealth to accelerate the pace of growth and ensure the process can benefit ordinary Africans.

Africa’s agricultural, mining and energy resources could boost the continent’s economic growth, the continent’s annual Economic Outlook stated, but, Mario Pezzini argues “Growth is not enough”.

The Director at the OECD Development Centre said: “African countries must provide the right conditions for turning natural resources into jobs, optimise their resource revenues through smart taxation and help investors and locals to make the most of linkages.”

Pezzini’s comments followed the release of the African Economic Outlook 2013 in Marrakesh, Morocco on Monday. The report indicated that Africa’s agricultural, mining and energy resources could boost the continent’s economic growth and pave the way for a breakthrough in human development.

The May 27 report, said continent’s economic outlook for 2013 and 2014 is promising, confirming its healthy resilience to internal and external shocks and its role as a growth pole in an ailing global economy. Africa’s economy is projected to grow by 4.8% in 2013 and accelerate further to 5.3% in 2014.

It shows this growth has been accompanied by insufficient poverty reduction, persisting unemployment, increased income inequalities and in some countries, deteriorating levels of health and education.

Time for Africa to choose own development path

Nonetheless, Mthuli Ncube thinks “Now is the time”. The Chief Economist and Vice-President of the African Development Bank (AfDB), said: “After ten years of improved stability, sound macroeconomic policies and blossoming trade links, growth has made African nations freer than ever to choose their own development paths and implement active policies for economic transformation.”
  
The AfDB, the OECD Development Centre, the Economic Commission for Africa (ECA) and the UN Development Programme (UNDP) - the producers of the report agreed.

They said: “Now is the time to step up the tempo of economic transformation, so that African economies become more competitive and create more gainful jobs.” They added that “widening the sources of economic activity is fundamental to meeting this challenge.”

However, the Outlook indicated that African countries must tap into their natural resource wealth to accelerate the pace of growth and ensure the process can benefit ordinary Africans.

Regional integration could open new opportunities for all 

According to the report, four key elements are needed to achieve that objective. It suggests African countries should create the right conditions for such a transformation to take place, including infrastructure, education and the creation of larger and more competitive markets.

“Access to markets is fundamental to structural transformation based on natural resources. Regional integration and better access to the markets of large partners could open new opportunities for all,” said Emmanuel Nnadozie, Director, Macroeconomic Policy Division at ECA.

Pedro Conceição, Chief Economist at UNDP’s Regional Bureau for Africa said among many other benefits, human development can help drive Africa’s structural transformation by speeding both the rate of innovation and uptake of new technologies.

“But for this to happen, more attention should be paid to improving access to and quality of education and healthcare systems, transforming agriculture and fostering job creation in order to narrow income inequalities,” Conceição said.


Written by Modou S. Joof
 
 Follow Google+

Follow on Twitter: @thenorthbankeve 

Follow on Facebook: The-North-Bank-Evening-Standard  


5 comments:

  1. And of program Driving Instruction fees the identical preposterous amount on each server.
    But if you want to get in on the 'Beginning of a move' (a different ought to read through report)
    for the most attain and smallest threat, somewhat than
    hold out until finally it is apparent to all (like gold at a leading) than now it is
    a time to dip your toes in diligently picked shares.

    The motives are quite a few, but include things like these kinds of items
    as it are unable to be produced (as is paper revenue),
    it cannot be forged or copied, it are not able to deteriorate,
    and it has held up about hundreds of years as a trustworthy store of price.
    gold 401kThere could possibly be some
    metals that can guide to allergy or any other pores and skin reactions.
    Eldora Gold also offers a database of purchasers keen to
    invest in the focus. Enormous operate ups correlate with huge
    corrections, and of training course timing is every little thing in this
    endeavor. gold401k1.com All those who devote
    in gold are doomed' to get wealthy. Indirect ways to invest in gold include working with certificates, derivatives, gold stocks, or gold ETFs. Suppy and demand from customers law is the reason why. gold401k1.comMake sure that you have adequate cash to http://gold401k1.com/. 24 K gold is the purest sort of gold jewelry. The Bank of Japan also announced new cash to continue to keep the Yen down, which in result in is building gold price ranges to be offered off at file degrees.gold 401kMining usually provides me a lot Pyrite Ore, with Pyrium Bars as the finish result. These heights in the valuable steel will come as the paper currencies are unsound, overburdened with debt and because they are actively "diluted" by the governments though inflation. 1st of all it options to raise the gold reserve held by its central financial institution. gold401k1.com The same goes for office home furnishings as you will be working with this working day in day out as well. Houston: Influx from all over the earth as banking institutions and point out reserves money gold developing sellers to liquidate positions in the crimson scorching commodity. Revenue from employers will not increase, but the price of all items and products and services will unquestionably improve.

    It (together with silver) has been the most trustworthy kind of revenue around time. For example, Arkadin OnePlace is a hybrid conferencing resolution that can be accessed simply from a internet browser, which can help l reduce the charge involved with acquiring components for a entire world class conferencing knowledge. It is thought of very good form of investment.

    ReplyDelete
  2. I leave a leave a response when I appreciate a post
    on a site or if I have something to valuable to contribute to the conversation.

    It's caused by the sincerness communicated in the post I
    looked at. And after this post "Africa: Economic growth is not enough".

    I was moved enough to leave a comment ;) I do
    have 2 questions for you if it's allright. Could it be just me or do some of the remarks come across like they are coming from brain dead folks?
    :-P And, if you are posting at other online sites, I would like to keep up
    with anything fresh you have to post. Could you make a list every one of all your shared pages like your
    twitter feed, Facebook page or linkedin profile?

    my weblog - Internet Money Path Review

    ReplyDelete
  3. I like to recommend exclusively fine plus efficient information and facts, hence notice it: Blockchain in Africa

    ReplyDelete
  4. Thanks for the blog filled with so many information. Stopping by your blog helped me to get what I was looking for. Now my task has become as easy as ABC. 정보이용료 현금화

    ReplyDelete
  5. Yes i am totally agreed with this article and i just want say that this article is very nice and very informative article.I will make sure to be reading your blog more. You made a good point but I can't help but wonder, what about the other side? !!!!!!Thanks Syndicate bank customer care

    ReplyDelete

The views expressed in this section are the authors' own. It does not represent The North Bank Evening Standard (TNBES)'s editorial policy. Also, TNBES is not responsible for content on external links.