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References: Human Capital and Economic Development
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Wanted: jobs for Africa’s youth - Diversification
The Youth Employment Network, an alliance of countries initiated by UN Secretary-General Kofi Annan in collaboration with the heads of the ILO and World Bank, recommends that governments diversify their economies and promote sectors that use a lot of workers. Many African economies still rely on the production of one or two primary commodities. They could diversify into processing these commodities or producing light manufactures, as Mauritius has successfully done.
4.0 Diversification trends in Africa: Economic Report on Africa 2007
The diversification of African economies is one way through which the recent economic growth achievements could be sustained. Africa’s economic transformation can be achieved through both horizontal and vertical diversification. In addition, such diversification will help to build competitive economies that can productively be integrated into the global economy. Diversification is therefore a pre-condition if Africa is to register accelerated development. The scaling-up of current real growth to desired levels and in a broad manner can also be sustained if there is deepening in the diversification of African economies.
4.1 Diversification trends at the regional level: Economic Report on Africa 2007
Figure 4.1 shows three different measures of diversification for African economies as a whole (see Ben Hammouda et al. (2006a) for detailed definition of the indices of diversification). Three concise comments on the general trend of Africa’s diversification experience can be made.
4.1 Case studies on export diversification for selected African countries: Economic Report on Africa 2007
So far, diversification trends in relation to African economies indicate that different countries have achieved varying results. The overall conclusion is that, in general, African economies have failed to make gains beyond their initial positions in the early 1980s. It has also been pointed out that they reacted defensively to the crises that beset them in the 1980s. Their macroeconomic stabilization policies did not create an environment conducive for dynamic response, as a good number of countries in Asia and Latin America were able to do. Their defensive response as seen in the oil factor, perpetuated the status quo and worsened it in some instances. Earlier gains in such countries as Gabon, Nigeria and Sudan were eroded.
5.1 Faster economic growth could assist in diversification efforts: Economic Report on Africa 2007
The results for Africa, shown in table A5.1, suggest further that as income per capita increases, there is a tendency for African economies to experience improvement in their diversification processes. This is a very significant result and it is in line with other empirical evidence, (see Imbs and Wacziarg 2003), which shows that poor countries tend to diversify at first as their incomes rise, before they later begin to become more specialized. African countries also fit into this theory of the U-shaped stages of diversification.
5.1 The development model should determine the optimal trade policy: Economic Report on Africa 2007
The two-stage diversification process from economic history has been registered both in open and closed economies. The difference between the two is that the turning point after reasonable and sustainable development has been achieved occurs at a much earlier point for open economies compared to the case for closed economies.
African Reforms are essential to Boost Private-sector Development and Improve Governance
The capacity of smoothing shocks highly depends on the ability of African policy makers to diversify their economies. Boosting the private sector and improving economic and political governance are crucial.
Wall Street Journal covers African ingenuity
Recently the Wall street Journal’s front page, featured one of the most inspiring stories of African ingenuity today.
Quote: Taking African products where there’s no bias
While more established economies begin to focus on the revenue potential of emerging economies, many of those emerging economies are also seeing the benefits of selling to each other.
Public Sector Procurement Practice and the Principles of External Economies, Clustering and the Global Value Chain
Can the public sector effectively apply the principles of External Economies to its procurement practice? “External economies of scale (ES) occur outside of a firm, within an industry. Thus, when an industry’s scope of operations expands due to, for example, the creation of a better transportation network, resulting in a subsequent decrease in costs for a company working within that industry, external economies of scale are said to have been achieved. With external ES, all firms within the industry will benefit.” (What Are Economies of Scale? By Reem Heakal, January 2003)

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