Since 1998, African economies have enjoyed growth rates far above those of the West. During the recent recession, only Africa and Asia kept growing. No-one doubts that the commodity price boom — sparked by China’s rising affluence — has been a major factor in this growth. However, many in the West assume that Africa’s growth is a temporary phenomenon caused by commodities, which will stop when prices stop rising.
The British seem to want to pigeonhole sub-Saharan Africa as a ‘basket case’, requiring sympathy and perhaps aid. But is it time to see it as the next great growth story? As the UK holds a poor position in exports to Brazil, Russia, India and China (worse even than Italy, as shown in Table 1), it would be good to anticipate the African growth story — if it’s the real thing.
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