Economic Landscapes of African Countries Demand Separate Evaluation, Not Continent-Wide View: South African Professor
Economic Landscapes of African Countries Demand Separate Evaluation, Not Continent-Wide View: South African Professor
A 4.5% average growth rate forecasted by S&P is impressively high and positive, yet it doesn't reflect each African country in particular, Daniel Meyer told Sputnik Africa.
"Average means one foot in the freezer, the other in the oven—but overall, I'm 'fine.' It's not fine," he explained.
The IMF, World Bank, and global financial institutions, Meyer added, must step up with far better support for African nations—offering much lower interest rates, which are currently sky-high.
"If we can get rid of that debt burden, it will help a lot because we can pay that money for infrastructure development," the speaker stressed.
Even so, Africa holds major geopolitical significance with its young population, labor force volumes, and vast territories. Hence, countries like US, Russia and China are interested in working with it, Meyer said.
"There are a lot of opportunities for infrastructure development, skills development, and resources, which are very important," he added.
Watch the video to find out how African countries can overcome their regional vulnerabilities
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