Sunday, December 4, 2011
Convergence and reversal of fortune
In the past 10 years, six of the 10 fastest growing countries were in Africa. This was due to their demand for commodities. Assuming these countries have low GDP relative to highly developed countries, this is an example of current economic convergence. Perhaps in a hundred years or so there may even be a reversal of fortune. However, this thinking needs to be taken with caution because things still look pretty bleak for the majority of Africa. Compounded with high growth, a restructuring of government (such as one that promotes equality and an investment in education) may promote many African countries to world leaders after many years.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment