Africa and Economic Growth
Research Objectives for Africa and Economic Growth Research Paper:
This research paper seeks to determine the opportunities and constraints facing Africa as it attempts to accelerate economic growth. It will critically evaluate aspects of policy legislation that should be considered to improve the likelihood of meeting sustainable economic development objectives. The research also seeks to determine a range of strategic choices to be made by African governments, as well as by development partners, in supporting actions taken by African countries to support sustainable economic development.
Africa and Economic Growth Research Paper:
- What are the key drivers that will facilitate sustainable economic development in Africa over the next ten years?
- What are the major constraints to sustainable economic development?
- What strategic choices that can be made by African governments and their partners to exploit business opportunities, while overcoming constraints?
Overview of Modern Africa's Economy:
When one thinks of Africa, images of exotic lands filled with wild animals often pervade most perceptions of the region. While it is true that Africa is a continent of stunning natural beauty and home to some of the world's most unique natural wonders, what many people do not know is that Africa is a country mired in economic chaos. Despite the fact that Africa has managed to increase tourism and foreign direct investment (FDI) over the last decade, problems with national debt, currency and poverty continue to beleaguer the region. As a result of the economic climate, a number of social ills, including the widespread epidemic of HIV/AIDS, have become extensively exacerbated. These problems have left many politicians wondering what can be done to save the continent of Africa.
Arguably, Africa faces a number of economic problems Although current literature concerning the African economy seems to suggest a number of reasons for the current state of economic dilapidation, most scholars seem to agree that the single most pertinent problem in Africa is the continent's inability to relive its foreign debt. Many authors believe that if Africa could end its indebtedness, the region could emerge as a formidable economic power: "The issue for Africa is to snatch from the jaws of neo-liberal globalization the power to define its own developmental priorities. Africa must not allow others to define its emancipation, not least through loans and grants that have led inevitably to indebtedness."