The first session of today’s PSD Forum focused on ‘where the world is going?’ The conversation quickly turned to Asia and changing global dynamics. During the Q&A period Nigel Twose, a FIAS colleague bases in Johannesburg, very appropriately pointed out that none of the panelists had yet discussed Africa.
Ken Pomerantz of UC-Irvine suggested that perhaps some lessons could be distilled from China’s history. He pointed out that 1920’s China was worse off then today’s Africa in terms of growth rates and social indicators. He liked the idea of finding the growth nodes that could spurn a turnaround similar to China’s; though was also the first to admit that the challenge was not only diagnosing these ‘nodes,’ but also nurturing them appropriately. IFC Chief-Economist Michael Klein also noted that before 1950, Asia’s growth rates (not including Japan) were lower than those in Africa today. He also noted that much of Africa is today growing faster than much of Latin America – though this may say more about Latin America than Africa.
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