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
By Jones N. Williams
Port-au-Prince, Haiti- January 4, 2021 Several countries in Africa, by and large, have people, belief-systems, subcultures, traditions, and sectors that are homogenous. The continent is also endowed with untapped natural resources, favorable climatic conditions, environments, and a vast pool of talents that many of its countries could greatly benefit from. Also, the cost of living in Africa, compared to the rest of the world, is cheaper. Because of these factors and other reasons, governing African nations, I vehemently believe, should not be difficult if Africans in politics on the continent do the right thing.
Despite what has facilitated this conclusion, the fact remains that Africa and more countries in Africa stand and remain at a crossroads. The continent has the worse ratio and most damming count of abject poverty. According to a World Bank’s report, Accelerating Poverty Reduction in Africa, although “the share of Africans living in extreme pov