Africa must capture the post-pandemic shift opportunity

Covid 19 has impacted the entire global society in many ways. It has compelled many Governments to rethink their economic policy and make policies meeting their bigger economic goals. Now globally, Governments are thinking to boost local manufacturing to generate employment and reviving life of millions of people

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We have seen how Asia emerged in the last 3 decades. ?China, South Korea, Indonesia, Vietnam, and India are good success stories. ?Africa is closely watching and has realized without local manufacturing sustainable economy cannot be achieved.

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African countries have naturally looked to Asian growth strategies that have helped Asian economies industrialization faster than the global average. ?China, for instance, achieved within 25 years of industrial development that many economies took at least a century to attain.

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Africa’s industrial average contribution to continental gross domestic product (GDP) per capita remains flat, at around $700, and its share of global manufacturing output has remained at less than 3% over the past 20 years.

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Now Africa seems changed a lot and looking forward to pursuing Asia’s successful growth strategy of industrialization and must look instead to alternatives.

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Many countries like Nigeria, Ghana Senegal, Egypt, Tanzania, Kenya, South Africa are the most dynamic economies in Africa. For years, the countries have enjoyed certain socio-political stability and a legislative framework conducive to business development.
        

By Himanshu Sharm

Africa Infrastructure Project Professional        

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