One bright spot, and perhaps an example other African nations might look to, has been the economic transformation in Ethiopia.
They’ve had 11 straight years of economic growth, with an average annual GDP increase of 10%+ The key to this growth has primarily been a dismantling of state-own enterprises in favor of privatization, easing regulatory burdens, and sound fiscal policy (attracting foreign investment).
To be sure, Ethiopia is far from a market-driven paradise. Citizens still cannot own land (they can only lease it from the government), and a lot of the other problems associated with the 3rd World still linger. They are charting a path to prosperity, however. It’s the only path, IMHO, that will bring the rest of Africa out of grinding poverty. Capitalism works when it is allowed to work.
Thanks for that info. I was unaware of Ethiopia’s progress.