How Can African Nations Achieve Economic Growth Essay

When one is asked to think of Africa, several ideas might pop up. A few of the things that could come to mind when thinking are unstable governments, poverty, and starving people. The concepts that were thought up belong to a world unknown to citizens of a first world or rather â€Å"developed† nation. Many of the globes not as advanced or â€Å"developing† nations find their place in Africa. These countries must improve upon basic fundamentals in order to be considered a developing nation. For example, a country must substantially reduce poverty in hopes of achieving their desired status. In order for African nations to further develop themselves, they must invest in higher amounts of free trade within Africa, which will boost economic growth,†¦show more content†¦Africa has achieved growth, yes, but that growth has not led to development. Factors such as population growth greatly affect economic development. It is found that â€Å"in some of the poorest DVCs (Developing Countries), rapid population growth actually strains the levels of income growth so severely that per capita income remains stagnant† (Brue, Flynn, and McConnell 39W-5). Not only that, a principal issue for the developing nations is still poverty. Underemployment and unemployment afflict many poor countries. Because of low GDPs, this means that there is underemployment or unemployment. People are looking for jobs that are not there or there is low labor productivity (Brue, Flynn, and McConnell). While there may seem to be many issues, there are ways around them. One probable solution to the underdeveloped African nations economic problems would be in the usage of free trade within Africa. African nations trade more with nations outside of Africa then within. â€Å"Today, just twelve percent of African trade is with other African nations† (Cameron). David Cameron, the prime minister of the United Kingdom, believes that open market would allow for further gro wth and development than aid from organizations such as the World Bank. Cameron crunched numbers and found that with the implementation of trade it will increase GDP by roughly $62 billion (Cameron). The usage of intercontinental trade would not only cause inflation in the income of a country but it will also improveShow MoreRelatedEssay on Uganda: A Country in Need of Economic Growth1171 Words   |  5 Pages Uganda, formally known as the Republic of Uganda, is a poverty stricken country plagued with economic instabilities. Since the 1980’s, the economy has remained on a fairly steady climb, but many have doubts about the continuation of growth. Uganda will never achieve a stable economy if they do not establish changes to their infrastructure. To implement these modifications and maintain economic progression, Uganda will need 1) better government determination to end corruption, 2) commitment to improveRead MoreInternational Trade And The Global Marketplace1428 Words    |  6 PagesGlobalization has huge influences on economies as many countries are engaged to international trade in order to achieve economic growth, free trade agreement and financial liberalization has contributed to the opening up of world economies and resulted in more international trade. Countries use their comparative advantages to gain a positon in the global marketplace and achieve economic growth (Seyoum 2007). International trade is a critical resource of revenue earning for developing countries. HoweverRead MoreEffects Of Colonial Policies And Practices Essay1735 Words   |  7 Pages The detrimental impact of colonial policies and practices on â€Å"colonial† and post-colonial Africa. In spite of their independence, African nations continue to face serious economic, social, and military challenges. I claim colonialism served as a significant force that had a detrimental impact on African society, economics, and politics. The Oxford dictionary defines colonialism as the â€Å"policy or practice of acquiring full or partial political control over another country, occupyingRead MorePoor Numbers : How We Are Misled By African Development Statistics992 Words   |  4 PagesReview of ‘Poor Numbers: How we are misled by African development statistics and what to do about it’ by Morten Jerven Poor Numbers’ overarching message to data users is to take care when using statistics. Morten Jerven, former Economic History PhD student and current Assistant Professor of International Studies, has written many articles about African growth, particularly on the reliability of growth accounting and evidence. He uses a multidisciplinary approach, combining statistical, historicalRead MorePolitical And Economic Colonialism Legacy948 Words   |  4 Pagesunderdevelopment to African states. Apparently, with long term exploitative and oppressive colonialism, a negatively impacting legacy has been left on the African continent. At the same time, this colonialism legacy also lasts to the contemporary Africa. The purpose of this paper is to explore the unfavorable political and economic colonialism legacy as well as to explain how they form contemporary institutional structures in development field. Economic Underdevelopment â€Å"The economic underdevelopmentRead MoreThe Alleviation of Poverty Essay1600 Words   |  7 PagesIntroduction The alleviation of poverty and the increment of growth within a nation, such as ours, are achieved through the dual use of fiscal and monetary policy. The essay will give a brief description of both policies as well as the manner in which they theoretically operate when attempting to achieve their goals. A look at the current policies currently being used in the country and their success will be assessed in comparison with the policy aims. Lastly, a look at whether the current fiscalRead MoreA Brief Note On Financial Development And Inequality Essay1414 Words   |  6 PagesFinancial Development and Inequality in sub-Saharan Africa The relationship between how developed a countries’ industry is and how much financial inequality persists within that country are not linear across the world. Many countries within Africa have developed numerous industries with only a small percentage of countries showing modest gains in levels of inequality. Through the analysis of 10 research papers and articles this hypothesis is supported with empirical examples. The result also confirmsRead MoreJeffrey Sachs : The Best Sellers Of New York1596 Words   |  7 Pagesknowledgeable view of the basics to economic prosperity in the present day world and the measures that are required to attain welfare for all. He is well known for his role in helping developing countries bolster their economy. Sachs has written three of the best sellers of New York Times in the past, including the End Of Poverty which I will be reviewing in this essay. His main argument is that the affluent nations need to contribute more funds to the poor nations, and he seems very agitated aboutRead MoreThe Four Main Economic Systems and Their Application in South Africa1426 Words   |  6 PagesIntroduction An economic system is a manner of approach which is used at solving the three main questions which are: What goods and services should be produced and the amount? How much of the scarce resource should be utilised and how will the goods and services will produced? For whom should the diverse goods and services be produced for and where will the production take place? Economic systems don’t always work accordingly but often so vast and complicated but on the contrast its working out justRead MorePoverty And Its Effects On Society1557 Words   |  7 Pagesdue to both how social systems are formulated, and how individuals choose to engage in them. Most people would come to agree that there are no single causes of poverty; however, just taking into account the distinctive histories and circumstances of countries and regions one can see that there are significant trends in the rooting of global poverty; The contributing factors being colonialism, political instability, social ineq uality and natural disasters. Upon examination, one can clearly notice