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'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.

Economist professor Joe Stiglitz. Picture: @econrsa/Twitter.

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)