Growth Strategies for Africa in a Changing Global Environment Danny Leipziger and Shahid Yusuf Growth Dialogue Washington DC.

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Presentation transcript:

Growth Strategies for Africa in a Changing Global Environment Danny Leipziger and Shahid Yusuf Growth Dialogue Washington DC

What is different now: on the upside  Africa has growth momentum.  Many countries have achieved macroeconomic stability.  Demand for mineral wealth is strong.  South –south trade on upward trend.  Chinese and other FDI helping to promote mineral sector and infrastructure development.  Advantages of a ‘late starter’ likely to be buoyed by transfer of industry from East Asia.

What is different now: worrisome trends and challenges  Industrial growth is lagging, and share in GDP declining.  Little progress with industrial and export diversification.  Agricultural productivity and R&D remain low and rural infrastructure underdeveloped.  Climate change looms ahead threatening drying, water scarcity, extreme weather events, and coastal inundation.  Gross savings have declined, investment shows only modest increase.

Enhancing Long-Run Growth Prospects: Global Public Goods  Supporting globalization esp. international and regional trade and FDI.  Strengthening institutions contributing to political stability.  Working with other nations to contain global warming.

Enhancing Growth Prospects: National and Regional Drivers  Natural resources exploitation and management of revenues.  Youth dividend; Quality of human capital.  Scope for export-oriented industrialization.  Lifting agricultural productivity.  Narrowing technology gaps.  Urban agglomeration economies.  Demand from growing middle class.

Elements of Strategic Framework  Democratic institutions.  State implementation capacity.  Resource mobilization and investment.  Industrial and export diversification.  Learning and innovation system.  Aid and FDI.

Thank You