The United States faced a debt-ceiling crisis in July 2011 which resulted in a downgrade of its credit rating by rating agencies such as Standard and Poor’s, Fitch among others. In a similar vein, the Eurozone is presently battling unsolved debt woes, deepening fall in its manufacturing sectors and a decline in economic confidence. This indicates that the Euro bloc is on the brink of recession. World leaders including those outside the Eurozone now recognize the economic threat facing the European economic bloc.
Conversely, developing economies according to reports from rating agencies appears to be growing at a faster rate with an average annual Gross Domestic Product(G.D.P) of 5.2%- higher than global average of 4.2%. These seems to be more immune to the global ‘shock’ as was with the global recession of 2008-2009, suggesting that these developing countries are fast moving from ‘under-developed’ status to ‘developing’ and will sooner than projected meet the status of ‘developed’ economies.
From the foregoing, its imperative to state that the ‘mighty’ are falling, while the less developed countries are doing much better than the developed countries they have traditionally looked up to. No doubt, a Global economic ‘Paradigm Shift’ is unfolding. It is only hoped that this progress is sustained especially in developing economies of Africa such as Botswana, South-Africa, Tunisia, Morocco, Ghana, Nigeria and not marred by political idiosyncrasies.
This is not coming as a surprise as nations formerly known as ‘under-developed’ economies are today out of concerted efforts of progressive leaders achieved much in both human and infrastructural development in a spectrum of time. Countries such as China, Brazil, India, Korea just to mention but few have attained significant development in this wise. In my view, these nations recognized the need to ‘Localize the global’ for there respective developments. Gone were the days and years when knowledge in all spheres of life especially in science and technology was the exclusive prerogative ‘right’ of a ‘class’. Realities associated with INFORMATION AGE today proves otherwise, as such knowledge have become accessible to the global community. Countries like China have invested consistently in infrastructural development, and today the second largest economy. Knowledge in medicine has also enhanced India’s economic development. Others have invested in tourism, education, and agriculture.
The economic challenges besetting the Eurozone as highlighted above is a pointer to other blocs such as the Asian Tigers, African Union never to be ‘lackadaisical’ on economic affairs. That whatever goes round, actually do come around. Hence, the need for policy makers and other stakeholders concerned to come to terms with this reality. Blocs must strengthen ties, regional bodies must consolidate efforts, while relevant institutions within the polity should unite for the common objective of fostering economic growth and development amidst an ‘unpredictable’ global front. Especially in developing countries of Africa such as Nigeria, need to diversify the economy cannot be over-emphasized. Mechanized agricultural system should be intensified. Tourism has equally been identified as another major source of income generation which should be promoted by the government and relevant institutions. If only corruption and its associated ills are curtailed, while industriousness, discipline and service to humanity are adopted, Africa might just be towing the path to economic liberation and development.
Going forward, rule of law must be upheld as core to the attainment of set goals. African leaders should STOP the continuous enslavement of her people through various pacts and treaties usually designed to favor one party against the other. The continent is presently in a ‘mess’ of accumulated loans deficit inherited from successive governments, with the resultant effect of retarding economic growth of African states. Governments should henceforth concentrate effort on settling this economic ‘menace’. Lesson of developing African economies locally should be adopted by African leaders. It is our collective responsibility to take the African continent to its rightful position amongst the Comity of Nations.
If you like this article, I’d recommend my book “If I Was Famous, I’d Have a Lot to Say”
