“The challenge is to modernize the continent’s economies – including expanding industrial capacity – through the efficient use and consumption of domestic natural resources, thereby avoiding the mistakes made by early industrializers elsewhere,” according to UN Conference on Trade and Development (UNCTAD) in releasing its Economic Development in Africa Report 2012, this week “In the long-term, African countries must vigorously pursue economic diversification and structural transformation to moderate negative external shocks from the euro debt crisis or volatility in commodity prices (or both) and provide decent jobs for African men and women.”
Africa Can Become its Own “Global Growth Pole”
In addition, they should intensify efforts to diversify their export destinations, expand economic partnerships, including those with emerging economies, and deepen intra-Africa trade and investment. Crucially, though, Africa can grow faster and become “a global growth pole” by unleashing its productive potential through aggressively investing in infrastructure and human capital, says the report.
Do Not Follow: “Grow Now, Clean-up Later” Strategy of Predecessors:
UNCTAD also called upon Africa to adopt a “sustainable structural transformation,” so as to achieve much-needed growth while protecting the environment. The Report urges Africa not to follow the same “grow now, clean up later” approach that was adopted by currently industrialized countries. It urges African governments to shift from traditional to modern, less-polluting energy sources, by increasingly powering their economies by renewable energy such as wind, solar and hydro power, as well as expand the use of organic agriculture. See our Blog for Film - Connection Technologies Key to Sustainable Development
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