Africa’s Path from Poverty
Every developing country has a window of opportunity for rapid income growth as it transforms itself from an agrarian economy into one that is urban, dynamic, and industrialized. That was true in the nineteenth and twentieth centuries, and it remains true today.
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BEIJING – All low-income countries have the potential for dynamic economic growth. We know this because we have seen it happen repeatedly: a poor, agrarian economy transforms itself into a middle- or even high-income urban economy in one or two generations. The key is to capture the window of opportunity for industrialization arising from the relocation of light manufacturing from higher-income countries. That was true in the nineteenth and twentieth centuries, and it remains true today.