KARACHI:
Unlike many countries in the West, including Great Britain, Africa is not saddled with debt. The British debt is 87% of their GDP while African debt is only 9% of their GDP. So the potential is there and growth has already begun. Africa is the continent with the fastest economic growth in the world. Its GDP per capita is expected to rise by 800% from 2020 to 2050. In 1977, the size of the US economy was same as the African economy today. Since then, the American economy has grown by a massive 18.42 trillion dollars. Africa has more natural and human resources than the US. In the next 40 years, their growth will be spectacular. As World Bank has stated, Africa is the future and the future is African.
Ali Raza Chadhar
Islamabad
Published in The Express Tribune, April 23rd, 2024.
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