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How, When, under which strategies does the 2nd biggest continent need to do in order to become a first class.[9]
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This can be a really lengthy debate when you start talking about the different ways to make Africa a first class continent.
Follow @newslexpointTo make Africa a first class world in 25 years from now,[4] the following are among the few factors that are needed to join the likes of the U.S, Britain, etc.
The Asian example
Lee Kwan Yew,[7] the first premier of Singapore and largely considered the founding father of that nation, is arguably the one Asian leader who popularised the idea of moving from Third World to First World in one generation.[12]
Time frames matter when attempting to understand how long it takes to make the transition.[2] Examining the economic trajectory of some countries between 1960 and 2016 suggests that it can take about 25 years to turn a nation from Third World to First World.[9]
Japan was the outright leader, but in time other Asian nations started leading in certain industries.[6] Examples include Taiwan and South Korea.[10] They had no mineral wealth. What they had, instead, were national systems of innovation and, critically, they invested in human capital.
They copied technologies from First class economies until they were on par and even overtook the First World countries.[6] In many cases they started off equal or lower in GDP per capita when compared with a number of African countries.19]
For example, in 1957 Ghana and South Korea had about the same per capita GDP. [11]South Korea had a national leadership focused on the development of state institutions that were focused on rapid,[2] technology-intensive economic development. Ghana has no programmes of similar nature on record.
Taiwan’s economy underperformed under Japanese colonial rule between 1895 and 1945.[9] In the 1950s the country was an agrarian economy with the same living standard as Congo.[4] But by 2010 it had overtaken its former colonial master to become the number one producer of semi-conductors in the world.
The point is that a colonial past is no excuse for Africa’s failure so far to catch up,[2] emulate and leapfrog.
Income growth
Success stories of the kind envisioned here have been controversially called miracles.[2] Yet there is no magic. Studies have shown that nations that made serious economic progress focused on growing the average income of their citizens.[4] For example,[6] Japan focused on this between 1950 and 1972 and doubled its GDP per capita.
Nineteen out of 23 of the poorest nations in the world are in Africa. Of the 54 African countries,[13] about 19 are represented on the world’s poorest list.
Yet no African leader has pursued with single-minded determination the improvement of household incomes.[3] Instead their focus has generally been on economic growth with trickle down being viewed as a panacea for higher GDP per capita.[15]
Even in South Africa there is no set period for the poor in the black majority (90% of the population) to move into the middle class proper, with access to tertiary education, [4]white goods and shelter, and annual household expenditure close to US$36,500.
Household incomes improve when the largest number of people get involved in technology-based productivity work.[2] Even agriculture needs to be high-tech and include agro-processing.[3] This is a path currently being followed by Ethiopia.
The role of the state
In Asia and Europe state intervention was seen as a key strategic tool to stimulate and guide development without impeding the private sector.[12] States crowded in private capital in support of investment in infrastructure and human capital formation.[8]
This represented an approach that can be described as state pragmatism rather than simply leaving matters to the markets,[3] as neoliberals argue, or by imposing state control,[6] as ideologues on the left have argued.
The Asian Tigers have been criticised for the lack of democracy,[10] favouritism in allocation of resources, cronyism and protectionism.[2] But there is unanimity that they have succeeded in taking the masses of their populations out of poverty, unemployment and inequality.
Another key area of focus among the Asian Tigers has been investment in their youth. [11]But the youth need education to be academically and technically ready to explore the boundaries of knowledge and technology for their own benefit and that of their countries. Africa should exploit the youth dividend, its most important natural resource.[5]
The Asian Tigers also all have a national innovation system that links government, [1]well-funded research and development institutions such as the universities and industry.[2] Taiwan boasts 21 research institutes, some covering the most advanced technologies like nano-technologies.[9] Again, African nations do not have such institutions.
There are signs that some of these lessons have been taken to heart. Rwanda, for example,[7] is doing very well by investing in information, technology and communication, and in its own people.[4]
Ethiopia has invested in agrarian reform to subsidise industries through economic processing zones.[10] These efforts arguably will bear fruit in the transition to First World class status.[8]
Very few nations prosper without well-organised and strategically focused hard work and sacrifice. Africans need to learn to direct effort and resources with a long-term goal. Leadership is key.[6]
Source: News24
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- The Youngest Billionaire In Africa, Mohammed Dewji To Create 100,000 Jobs In Tanzania
- Why Africa Very Poor While North America And Europe Are So Wealthy?
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