Africa: Domestic Resources and Diversification Key to Africa`s Economic Growth – UN Official
UN News Service (New York)
27 October 2010
African countries must mobilise domestic revenue and diversify their economies to supplement resources that flow into the continent from foreign aid, loans and investment to sustain growth during the global financial crisis, the head of the United Nations Economic Commission for Africa (ECA) said today.
Fiscal consolidation and austerity measures in key developed economies could result in reduced global demand and a “double dip” recession with direct implications for Africa’s export earnings and for much-needed official development assistance, said Abdoulie Janneh, Executive Secretary of the ECA.
“Quantitative easing elsewhere may lead investors to travel the globe seeking best returns which heralds overvalued currencies and asset bubbles in emerging and developing economies,” Mr. Janneh told the [continue reading]