Thursday, October 18, 2012

Africa should learn from Korea

Last December, The Economist published the article, ‘Africa Rising.’ Over the past decade, the average growth rate of African countries was 6.8~8.8%. However, the World Bank and other international institutions that support development in Africa reminded them that growth in Africa must continue and recommended that they follow the Korean economic growth model. Following the Korean War and the Japanese colonization, South Korea remained one of the poorest countries in the world for over a decade. The growth of the industrial sector was the principal stimulus to economic development. Now it ranks 15th in the world by nominal GDP and 12th by purchasing power parity. Now, Korea and Africa has formed inter-government consultative body to actively address the developments through effective coordination and creative organization of the relevant forums. I hope to see Africa's economic growth catch up with the developed countries.

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