Developing world needs a new approach to sustainable development

Outlet: Arab News

Language: English

Abstract: The prevailing export-driven sustainable development strategy, successful in Asia, has not yielded similar results in other regions like Africa. While infrastructure investments were touted as crucial, they alone have not spurred economic growth. Challenges such as higher labor costs and protectionism hinder Africa's global competitiveness. Moreover, the reliance on exports exacerbates debt and neglects vital sectors like healthcare and education. Instead, Africa should adopt nuanced approaches, prioritizing agricultural productivity enhancements and tailoring strategies to each country's unique strengths. In particular, by learning from Latin America's experiences and embracing hybrid models, Africa can pave a more sustainable path to economic growth.

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