UNCTAD for shift in Africa's development strategies
It urges African states to make use of domestic financial resources in ensuring economic development of individual countries.
By Agencies |
NAIROBI: The United Nations Conference on Trade and Development (UNCTAD), in a recent report on economic development in Africa, has recommended a shift in development strategies in the continent.
The report urges African states to make use of domestic financial resources in ensuring economic development of individual countries. It says this approach can achieve sustained and higher rates of economic growth and will reduce dependence on overseas donor funding.
The report further says that most African countries have vast reserves of domestic resources but which are still under-utilized.
The UN report calls for the establishment of what it describes as a "developmental state," which is an approach to governance and economic progress, which has resulted in phenomenal growth in several Asian nations.
By using developmental states approach, governments actively manage economic policy to encourage greater diversification and job creation. This is done while avoiding over protectionism or interventionism and further strive to increase domestic financial resources as a fuel for growth.
The report urges African states to make use of domestic financial resources in ensuring economic development of individual countries. It says this approach can achieve sustained and higher rates of economic growth and will reduce dependence on overseas donor funding.
The report further says that most African countries have vast reserves of domestic resources but which are still under-utilized.
The UN report calls for the establishment of what it describes as a "developmental state," which is an approach to governance and economic progress, which has resulted in phenomenal growth in several Asian nations.
By using developmental states approach, governments actively manage economic policy to encourage greater diversification and job creation. This is done while avoiding over protectionism or interventionism and further strive to increase domestic financial resources as a fuel for growth.
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