Africa doesn’t need to follow the Asian development model focused on exporting manufactured goods to richer countries—it could become significantly better off simply by producing more of what it consumes at home, according to Bloomberg Economics. There’s huge potential for growth in intra-African commerce, which currently accounts for just 15% of total African trade. But high transport costs means that sub-regional integration is more likely to deliver gains with the East African Community, which may soon include the Democratic Republic of Congo, leading the way.
Regional Trade Ties Hold Key to Africa’s Economic Growth
Mark Bohlund (Economist)By: Bloomberg | Jun 17 2019 at 05:12 AM | International Trade