'Africa needs multifaceted strategy to achieve economic growth'
Economist professor Joe Stiglitz says Africa can achieve the same economic growth that was enjoyed by East Asian countries.
CAPE TOWN - Economist professor Joe Stiglitz says Africa can achieve the same economic growth that was enjoyed by East Asian countries.
But he says a different strategy will be needed.
Stiglitz says countries like Korea and Malaysia developed rapidly through export-led manufacturing.
But he says African countries will not be able to use the same strategy to achieve the same benefits over a similar period.
The Nobel laureate was addressing a summit on economic growth in Cape Town.
Professor Stiglitz says the manufacturing-led export growth strategies that saw east Asian countries rapidly develop into economic powerhouses have run their course and will not work to achieve similar success in Sub-Saharan Africa.
Stiglitz says this doesn’t mean countries in the region can’t successfully grow and transform their economies, but he says a multifaceted strategy is needed.
“A multifaceted strategy involving all the major sectors has a prospect of obtaining the same success as the old manufacturing export strategy if it’s structured correctly.”
Stiglitz has emphasised that this means government would have to a play an important role.
(Edited by Zamangwane Shange)