Carnegie Endowment for International Peace
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Summary: Many African countries have placed economic diversification high on the policy agenda, yet they first need to define what it means in their specific structural and socioeconomic contexts.
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Summary
For decades, economic diversification has been a policy priority for low- and middle-income economies. In the words of former managing director of the International Monetary Fund (IMF), Christine Lagarde, “We know that economic diversification is good for growth. Diversification is also tremendously important for resilience.” Unfortunately, this goal continues to elude many African countries. In fact, the continent is home to eight of the world’s fifteen least economically diversified countries. This reality weakens the foundation of their economic transfomation and slows their pace of progress. It also makes these countries part
Carnegie Endowment for International Peace
Source: Getty
Summary: Many African countries have placed economic diversification high on the policy agenda, yet they first need to define what it means in their specific structural and socioeconomic contexts.
Related Media and Tools
If you enjoyed reading this, subscribe for more!
Thank you!
Summary
For decades, economic diversification has been a policy priority for low- and middle-income economies. In the words of former managing director of the International Monetary Fund (IMF), Christine Lagarde, “We know that economic diversification is good for growth. Diversification is also tremendously important for resilience.” Unfortunately, this goal continues to elude many African countries. In fact, the continent is home to eight of the world’s fifteen least economically diversified countries. This reality weakens the foundation of their economic transfomation and slows their pace of progress. It also makes these countries part
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Non-Resident Scholar
Shahrokh Fardoust is a research professor at the Institute of the Theory and Practice of International Relations at the College of William and Mary. He has more than 30 years’ experience in crafting economic development policy and analyzing the global economy and prospects. From 2008 to 2011, he was director of strategy and operations for development economics at the World Bank, where he contributed to the research and policy priorities of the chief economist and ensured the operational relevance of the Bank s research.
His previous senior positions at the World Bank included senior adviser to the director-general of the Independent Evaluation Group and senior economic adviser to the senior vice president and chief economist. Dr. Fardoust also served in various technical and operational positions at the World Bank. He was a member of the core team for the World Development Report, a senior economist for Egypt, a lead economist for Pakistan, and an economic ad