In the last 20 years, China has emerged as the world’s largest
factory and is changing the nature of world economic order. It has
become the 2nd largest economy in the world and it is believed that in
the next 30 years, it may surpass the US. The growth in China has led to
increased wealth among Chinese.
This trend of economic transformation has taken place through many countries in Asia and now in Sub-Saharan Africa and Africa as a whole. Many Africa continues are being left out in the transformation process though it is taken as the area where the next growth will come from.
Basically, Sub-Saharan Africa continues to be a place of risk of business characterised by poverty, ignorance and disease. Countries that have transitioned from poor to medium income or even high income have grown their economies by over 8% per year over a period. Africa has a natural wealth enterprising people and should be poised to grow. Unfortunately, this is not taking place.
The absence of growth is now attributed to factors including governance, cultural institutions besides economic policy. Will Africa transit from low income to medium economies?……………….and being a loyal Kenyan, will Kenya (with Nairobi being an African hub) transit from low income to medium economy country??
This trend of economic transformation has taken place through many countries in Asia and now in Sub-Saharan Africa and Africa as a whole. Many Africa continues are being left out in the transformation process though it is taken as the area where the next growth will come from.
Basically, Sub-Saharan Africa continues to be a place of risk of business characterised by poverty, ignorance and disease. Countries that have transitioned from poor to medium income or even high income have grown their economies by over 8% per year over a period. Africa has a natural wealth enterprising people and should be poised to grow. Unfortunately, this is not taking place.
The absence of growth is now attributed to factors including governance, cultural institutions besides economic policy. Will Africa transit from low income to medium economies?……………….and being a loyal Kenyan, will Kenya (with Nairobi being an African hub) transit from low income to medium economy country??
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