Depth in Africa’s Transformation
Africa is growing fast but transforming slowly. The structure of most sub-Saharan African economies has evolved little in the past 40 years. This is the message of the 2014 African Transformation Report.
Manufacturing—the lead sector for rapid development in East Asia—is declining as a share of Africa’s GDP. The worry is that without a major transformation Africa’s recent growth may soon run out of steam.
The report argues that for growth to continue, Africa needs to invest in “DEPTH”–diversification, export competitiveness, productivity, and technological upgrading, all for the purposes of human well-being.
There is a new narrative for Africa. Gone is the continent of poverty and desperation, and in its place is a continent of promise and opportunity—but only if economic transformation takes place.