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Browsing: can African economies improve
Folktales and fairy tales alike carry stories of ordinary beings rising through superhuman ways to become extraordinary. The story of China’s rise to global dominance reads much like a fairy tale. Just a simple agrarian-based economy in the 1960s, it has grown to become a world superpower in less than a decade. This phenomenal growth is outstanding and carries hope for Africa. The question is can Africa replicate the Chinese story?
The recent IMF’s World Economic Output 2020 revealed a new world order. According to the report, the US economy at $20.8 trillion trails the Chinese economy at $24.2 trillion. These statistics are based on purchasing power parity, a measure of the power of a currency to buy the same goods and services within its own shores.
This implies that you can buy more with a dollar in China than you would in the US. By this metric, China’s economy …