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Africa: Following Asia’s Footsteps

Mobile banking and sales of sim-cards, subscriber identity modules that can be transferred among mobile devices, are surging in Kenya, creating a communications revolution throughout Africa, reports the Financial Times. Such finance arrangements, along with trade in commodities, investment from China and an expanding services industry, are contributing to annual growth rates envied by the wealthiest nations and reducing Africa’s dependence on the West. In an essay for the Financial Times, author Charles Robertson compares rising growth in Africa to economic progress in India after 1980 and developing Asian states since 1970 – emerging despite complaints about regional progress as well as struggles in the West. The essay suggests that Africa’s boom began with the burst of the US tech bubble in the year 2000. Africa benefits from a young population, education, improved leadership, a reform drive and painful lessons on public debt. As wealth and democracy spread and corruption falls, Africa could catch up with the other continents. – YaleGlobal

Africa: Following Asia’s Footsteps

Boom and bust, coincidence or not – developing economies in Asia and Africa pick up growth after financial woes in the West
Charles Robertson
The Financial Times, 31 October 2012
Click here for the article in The Financial Times.

Charles Robertson is global chief economist at the emerging markets investment bank, Renaissance Capital, and author of The Fastest Billion.

Source:The Financial Times
Rights:Copyright © The Financial Times Ltd 2012.