Why Are Some African Economies Growing and Others Not? | African Economy | Econ
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- เผยแพร่เมื่อ 17 มิ.ย. 2024
- Africa is often regarded as the world's poorest continent. Despite this, the African economy has been one of the fastest-growing in the world in recent decades. For instance, Ethiopia and Rwanda have experienced some of the swiftest expansions globally, averaging more than 7.5 percent per year over the past two decades.
Nonetheless, the economic and social situation in most of sub-Saharan Africa remains fragile and susceptible to both domestic and external shocks. The region has a long journey ahead for development. Yet, the growth in Africa is becoming increasingly hard to ignore, as rapid economic and social changes position the continent for a more significant role in global affairs.
So, why are some African countries improving while others are not?
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You are awesome :)
Maybe because all of the useless work shy are arriving in the UK
Hi Econ! Can you please make a video on problem with Chinese economy please 🥺🥺
You've made a number of key mistakes, especially with Mauritius, ignoring its central role as a tax haven economy, and an economy driven by tourism. It is still a mono-export country in that sugar dominates.
It's growth, while ultimately due to playing nice (favorable tax haven laws) with foreign investors, is due to the nature of it being a tax haven. Hardly really a valid comparison to other nations.
@3:10 TUTSI ARE THE MOST ANTI BLACK GROUP IN THE GREAT LAKES REGION 🙏🏿 PLEASE RESEARCH >>> TUTSI UBWENGE
you totally ignored the fact that Zimbabwe has been under heavy sanctions for the past two decades and Botswana has never been sanctioned, your analysis has gross mistakes. I would not recommend your video to anyone except to show them the ignorance in it.
As a Kenyan i don't even want my country to find any minerals, we are good as we are, natural resources in Africa are a recipe for disaster. Let us focus on Human resource development and the service industry thats where sustainable wealth is found
the moment Valuable minerals are found ... that will be the end of the Kenyan democracy
@@CharlesXavier-fx4jbIt reminds me of migori Gold found on the road. We almost became poor 😅
@@_Kipkorir yea ... and does that correlate to the rioting that occurred almost in the same period... the CIA has ways to infiltrate other nations ... the rioting would have been worse if President Ruto didn't bow to western bureaucracy .
Exactly.
Japan, South Korea, Singapore, Hong Kong, Macau, Uruguay, Costa Rica, Chile, etc, have almost nothing of natural resources and look at them:
Prosperous, stable, peaceful, developed and with state of art infrastructure.
Imagine without corruption Kenya would be very far
Rwanda is not rich. Rwanda is famous. Rwanda is one of the fastest growing economies in the world, but not rich. Rwanda's GDP per capita is ridiculous compared to Kenya and Tanzania, let alone Cote d'Ivoire, Ghana and Cameroon. Rwanda is poor
Rwanda is famous for its diverse and fast growing economy. They are not rich by any measure yet but if they continue developing at this rate, we might start placing them in middle income countries soon.
@@kevinn.7376not to be a rod in your donkey, but him the title speaks of mythical insanely rich African countries
@@billymakale1338 it’s not mythical just the actual disparity in wealth goofball.
@@niqqaa I'm speaking of the title not the content of the video, cutie pie.
@@kevinn.7376 gdp per capita between Ghana and rwanda has widened, not closed...see world bank data.
Africa needs internal roads and rail and be duty free. Like an African eurozone. Also they need to diversify into manufacturing. Chinese workers get paid way more than African workers. There’s no reason Africans need to consume Chinese goods when they can easily make the same goods.
African Continental Free Trade Area is a project put in place by African Union to create create internal roads and duty free. But it is not working at all. And this has more to do with bad governance once again in the different states.
the roads and infrastructure problem is huge, in advanced countries the cost of transportation for the price of the goods is like 20%, in Africa due to the infrastructure problems it increases prices by like 80%, what Africa needs are billionaires and business people willing to build the future of course without sound government that will not work. The Billionaires in Africa amount to like 18, in the whole god damn continent, I assume theres many more due to corruption and government officials probably hoarding all the money and not investing it correctly, but the 18 billionaires in a whole continent is crazy, there's more billionaires in countries like Brazil Indonesia Thailand etc which also means the business potential is enormous, which is an incredibly good thing if people from those countries manage to utilize it correctly Vs if China US or any other mega nation realizes that and starts hoarding all that potential to their companies and billionaires. well because Africa needs it way more
@@SS-up5sc As a Kenyan Development economist, the current problem is insane government policies.Africans are natural investors & innovators but bureaucratic red-tape is what hinders growth.
makes sense, I feel like the governments are not aligned to help the people progress, they just want to enrich themselves, thats the main problem, countries like Singapore and South Korea had dictators who lasted decades but wanted progress rather than to enrich themselves, and maybe the fact that those countries barely have any natural resources, which meant they had to develop or die basically there was no other way, compared to Africa which is full of natural resources which can enrich the government while them not having to do anything for the people @@clingyking2774
No we don't need a borderless Africa... South Africans don't want Africa in our borders and it's a prime example of what Africa does! What Africa needs is to build it's in roads,rail and Harbor's... South Africa is not the solution to your problems, when Zimbabwe Mozambique fled Africa not once did Africa condemn what the did. No we don't need the AU or Africa's communism, we going to close our borders next year
you neglect to mention that despite south africa's economic growth, it possesses the highest income inequality in the world
Income inequality is a problem for every African country alongside corruption by the way but still dont think those people are poor bcs of that,their country is still thriving strong
@@nkosinathisibiya600 in some countries like Algeria 🇩🇿 it is extremely low
@@mileslloyd2196 it indeed low but what the point when that the only thing Algeria is better at compared to south africa which dominate when it comes to Gdp-Gdp per capita,infrastructure,education,health care ,water availability etc
It one of the reason Aficans swam into South Africa even tho they like to scream xenophobia and stuff it bcs they know South Africa overral has a better living environment compared to their countries
First make sure there is actual incone before you try to redistribute it. Otherwise you are just going to stunt the development of your country.
@@miniaturejayhawk8702 Algeria 🇩🇿 is one of the richest African nations
I don't call an economy rich just because the numbers on the board look fine... its about how the PEOPLE are living. What is the quality of life
Generally the numbers correlate with overall quality of life. Theres rarely, if any an inverse relationship! In any case it's easier to improve social services, a reliable proxy to quality of life, when there is growth and tax revenue.
@@naisonc8520 I hear you in terms of correlation but many of these "rich" economies have the majority of wealth and people with a decent concentrated to the few. The majority are still living in poverty. So my point is whilst the economies may vary.. outside of a very few within these countries People are relatively living the same across the continent
@@naisonc8520 What percent of the country is below the poverty line. You can be a rich country and still have many poor people living in slums like South Africa for an example.
Generally if GDP per capita is >$20,000.00 good, if it's below that it's a toss up, if it's below $5,000.00 you're going to have a bad time. Even in Africa these generalizations will hold true. You need to distribute the wealth enough to have those kind of GDP numbers or it wouldn't be productive enough in the first place to be that high.
Thank you
I'm from Uruguay. In 2002 Uruguay was a very poor country and near to the bankruptcy. Nowadays Uruguay's GDP per capita is a bit lower than Portugal, which it's a western european country. Uruguay can perfectly offer works and citizen safety
Poortugal?
But it’s not an African Nation
@@adityachaurasia0109
The point of this commenter is that the nation was and has developed into a much better economy. The Global South has more in common than differences. Be it Africa, Oceania (excluding Australia and New Zealand), South, Southeastern and Central Asia, Latin America or the Middle Eastern region. Different regions very similar issues including economic issues.
Kudos, I just checked and y'all have a $21K GDP per capita!
a bit lower how uruguay is 17k and portugal is 24k so big difference
Most poor countries in Africa are French speaking . Don’t ask me why
I don't think Burundi is a french speaking country
@@Auror2k05it is...
It is a french speaking country
@jonnyneace8928tu parles de quoi ?
French government purposely placed dictators on most of their former colonies to keep a control on them. Gabon is quite rich today, but most of the money is kept by the elites. They also kept control through the creation of the Franc CFA, the currency used in a lot of former french colonies.
Now other factors have to be taken into account. When you look at Tchad or Mali you can also explain their poor economic growth by their geography (being in the middle of the Saharan desert is quite a huge rock in the shoe). Add instability due to the presence of islamic groups in the region and you lose the majority of the possible investors. If you look at Sudan, next to Chad, despite being a non french historical colony they are also doing bad, even though they could have benefited from their proximity to Egypt and the presence of the Nil and some Pyramids for tourism. And I would end with saying that even though more former english colonies are doing good on paper, a lot of them are also poorly dividing their wealth, which means that, as in Gabon, the majority is kept by the rich and the population don't get anything (Nigeria is a good example).
I'm from Madagascar 🇲🇬 not a lot of people are talking about our economic path: called "the Malagasy Paradox" we are the sole peaceful country in the world which dropped in economic terms. Poverty grew up, infrastructure is low, as well as education (despite the fact we had the most modern pre-colonial education system in Subsaharan Africa), and unlike countries who knew atrocities (famine, genocides, wars...) we never knew or knew few of these and it was enough to kill our economy: with that, enforced corruption, insecurity, disasters' impact, predatory elites and a low development on human capital
I never understand how Madagascar not popular tourist place like you have more potential then hawaii and taiwan who also small islands , I feel their huge corruption and off course france , anywhwre france present their always corruption and puppet leaders who suck the country dry .
people need to protest and reform the government.
@@rizkyadiyanto7922 Last time we protested, it worsened our situation
@@art_hist_2000 ???
@@GuntherFehlingercrackdowns and a hardline stance I’m guessing
Now, this is an interesting analysis. Thank you, this seems like a fair and nuanced review of Africa's economies.
Yeah right. White guy complaining about blk Counties being corrupt, but don't mention imperialism and racist sub group ruling their country.
Mono
As a Kenyan, I say "Kazi mzuri" That was a well-detailed and unbiased review of Africa's economy, definitely learnt a lot from here
Puleze. Did you hear him moan about population growth. Africa is UNDER-POPULATED.
This was a complete bs analysis of Africa.
Brilliant channel. You've earned my sub. As a student of political science, history, economics and population/development...many of the analyses and points raised are illuminating for me. Wishing you further success and growth - from Johannesburg, South Africa.
Morocco and South Africa are the best in Africa, whether economically or politically, and they are also the best in infrastructure
Subjective as each economic category has its own growth measurement, and the 2 you have mentioned are very much not usually pushed in the media negatively therefore to compare amongst other African countries is very much arbitrary . Historically the 2 have benefited immensely from wealthy interest mostly related to having a more appealing structure of life similar to the west that is involved non-Ethnically African decent individuals
Algeria is more advanced than Morocco, just less popular internationally since Algeria is anti tourism. Politically maybe there's a point but you're comparing a non democratic Monarchy with a non democratic Republic. Seems even there. Just one sucks up to the west and the other sucks up to the East
Your opinion ,in my opinion Botswana and Namibia are the best small,peaceful ,democratic and great GDP per capita ,not to mention less crime
Hmmmmm i will say Nigeria 🇳🇬
For how long???
it would be better to use income equality is an indicator of how well these countries are performing, diversifying income flow and building a strategy remains the smart way to prepare for the unexpected, stocks are falling and bond yields are rising, but markets fluctuations don't seem convinced, the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $ 300,000 stock portfolio, I want to be clear with the situation in stock prices, housing, and the financial market in general, if there are efficient ways to maximize profits without liquidation due to market fluctuations, I am open to ideas
Strategising might be quite rigorous for the regular. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset, I’ve been on both end of the spectrum investing on my own for about years, did my own study and analysis before actually buying, things became rather difficult not until a colleague introduced me to my current financial analyst. She has helped me convert my $150k portfolio into $500k.
That's impressive! I could really use the expertise of this advisor, my portfolio has been stagnant....who's the person guiding you?
I made a thorough research on Lisa Michelle Pacillas, years of financial market experience, intelligent strategies and she has helped my portfolio maintain an unwavering and a progressive growth.
easy to discover online, look her up
Thanks so much by the way for the tip. Your analyst was simple to discover online. I verified her credentials before I scheduled my application. she appears knowledgeable based on online resume...
Very well explained. The comparisons are really good. I am baffled by the difference between Rwanda and Burundi. Keep up the good work.
The wrong part is that by 1990 Rwanda already had close to double the GDP per capita of Burundi, even though Rwanda had started as the poorest country on earth.
And in Burundi the genocide was against the hutu, not by them as mentioned in the video.
Rwanda government is stealing minerals from the DRC
@@1wun1Are you sure jenocide is against hutu?😢 don't lie it's against tutsi same like vidio
@@niyonzimaemille5303 in Burundi it was against the hutu in 1972, by Micombero government.
Great to see you here Stephan! Go hustle African history!!
As an african, it's good you gave this analysis and a good explanation 👏🏾
First praising Botswana for miraculous growth made possible by nationalization of income from diamond mining and clever redistribution of the profits and then stating that nationalization and socialism is the path to failure and poverty - which one is it now?
These 1:1 comparisons with extraction of single characteristic every time really do not paint a complete picture
these videos in a nutshell is all about management and luck nationalization is not the answer botswana were lucky to partner with not a crooked european company
It's all about how you manage your country.
@@quantado9411 yep and all these corruption are born from: 1. Western crooked organizations, NGOs, companies, sometimes even gov. 2. Bad governance because poor people are lower cultured they cannot manage as efficiently. 3. poverty breeds corruption and the cycle
True, many economic explanations sound almost like religions.
And the thumbnail show Zimbabwe vs Rwanda without mentioning that Zimbabwe has a higher GDP per capita while being sanctioned.
Its important to note that 14 west Africa countries monitory policies are controlled in France, this countries have to deposit 20$ in every 1$ that is in circulation in france and when things are not working they have to borrow their own money , this is the major reason why they are poor.
That’s why Côte d’Ivoire and Gabon are doing so well economically ? The CFA franc brings stability: compare the inflation rate of 3.5% in Côte d’Ivoire VS 19% in Nigeria.
@@sans_hw187 why is there an assumption that this can only be guaranteed in by France or EU who don't even use the CFA currency, most Africans countries that manage their own currencies are doing far much better than this countries... The base line is this is a looting scheme in place France uses this money to prop up their economy and this countries are forced to keep borrowing to mentain the system that does not benefit them.
Typical coping lying 😂
@@sans_hw187 the west is never to blame never at fault , what you do is always good and never bad. Stop controlling other countries and get the hell out of Africa.
Out of the 14, how many have reasonable growth for developing countries? What is the GDP growth prediction for 2023 for the other 12 compared to Tanzania or Ethiopia? Also, Gabon is an oil exporter owned completely by TOTAL a French company and the reason for GDP growth is rising oil prices. Ivory Coast also relies upon coca which has seen a good price rise in 2023. Also, 14 countries in Africa(all of which are in the Franczone )deposit their money into the French treasury on top of that they are required to take out any money they deposit as a loan. Guniea- Conakry left the Franc and was met with total infrastructure destruction as well as an operation by the French Secret Service which flooded the country with fake bank notes their president Seke Toure was assassinated many believe it was France-backed. I guess that was to stabilise their economy. Zimbabwe has had its highest wheat and tobacco yield ever and is going to start exporting corn to surrounding countries. Please be honest Sans don't act like a snake. @@sans_hw187
No doubt that corruption is a major factor for slow economic growth in Zimbabwe. You completely ignored the fact that long standing economic sanctions imposed on the country by the West are also a major factor in hindering economic growth for Zimbabwe.
Correct me if I am wrong, but Botswana never had to fight a war for independence and never had sanctions imposed on it like Zimbabwe, these two facts alone would account for much of the difference. Zimbabwe ran into difficulties because it has taken it's destiny into it's own hands rather than allow the West to determine the level of development it can achieve.
Right!? Like it seems this video is missing all their history. "West good, Africa poor". Sorry but I just dont believe that. The west has intentionally kept Africa poor to exploit their resources. Through coups, sanctions and just leaving reminants of colonialism.
Bad governance (Mugabe and his clique) ruined Zimbabwe.
👍🏿👍🏿👍🏿👍🏿 This is a propganda channel setup by the devils. Sanctions are used by the west as collective punishment until they get the regime change that is in their interest so they exploit the continents wealth.
Exactly, these pseudo journalists from the West always ignore the involment of their countries.
..we all know that zim's economic failure is an engineered agenda for regime change.
This is very informative video, everyone must watch the video. Thanks for sharing the vedio
This is a great documentary which reinforces Paul Collier's work.
Thank you so much.
Because Africa is not a monolith. It’s the same with Europe. Eastern Europe is relatively less developed than Western Europe.
Stealing farms?? That’s a lie, Zimbabweans indigenous people took their land back and were sanctioned for that by the west.
We all know who made this video. They are still crying for Zim land
Now they can be as poor again as before the west went there.
You were incompetent farmers
@@theonly6359
Noone is crying for your land. This channel is Indian
@@varoonnone7159 why I am not surprised, Indians always aligns with their oppressors.
Why is Burundi’s economy the poorest on earth? Because Burundi has no restraint on state predation. It’s a slash-and-burn economy. In one episode the rulers stole so much money straight out of the central bank that it was no longer possible to cover up the gaping hole. The only solution they found was to set the incriminating records on fire. Whole sections of the bank mysteriously went up in flames! It was spectacular in a sad way.
hoooray to capitalism.
@@ishredder4006 That's not capitalism, that's just blatant corruption. Could have happened under communists like China or the Soviets too.
@@ishredder4006all for me and nothing for everyone else😊
@@ishredder4006and exactly why is capitalism to blame and not just corruption?
@@cuber5003 if a communist country is poor, do people blame corruption or heavy sanctions or material conditions inherited from the previous government?
When I started I thought this guy is wrong but then you are actually right.
Your analysis is correct! As a Kenyan 🇰🇪I specifically agree with you at 4:01
Kenya 🇰🇪 and Tanzania 🇹🇿 had the same economies during independence yet today, Kenyans are on average 80% richer than Tanzanians! And you’ve given a clear explanation as to why this is the case 👍
Also at 1:30 out of the total eighteen countries that posted a strong economic growth of 5% and above, eight of them are non-resource intensive countries like Kenya 🇰🇪 and Ethiopia 🇪🇹👍
Seeing how resource intensive countries like Nigeria 🇳🇬 and Congo have turned out to be 😢, I believe my country Kenya can continue to grow and prosper without even thinking about exploring the few or decent amount of natural resources it has! Especially if kenya focuses more on services sector, tourism and digital economy!
Otherwise, nice video 👍
I will say nigeria isn't even that bad but Congo is just ....
Kenya is currently falling out due to the introduction of socialist policies and bureaucratic redtape/
@@clingyking2774 Kenya isn't there not even close Kenya is still developing just like any other country in africa. Kenya I'd only Slightly and I mean Slightly better if u want to mention developing countries in africa then it is north and south africa.
Mambo ni matatu 😂
@@lilachie 😂😂
Hey 👋
So, I've learned some stuff here a bit more than my A' level Economics classmates could stuff thru my head
But, I'm confused when one says Uganda's economy (my country) is non resource intensive??
What are we depending on then??
Agriculture & Service industry...aka Coffee, matoke & bodaboda.
Well-researched video! I closely follow Africa and still I learned several new things about the continent. Please make videos about different countries of Africa as there is not much content available. Thank you! :)
You do realize Africa is not only subsaharan? Like we North Africans exist too so lets not generalize subsaharan countries under the name "Africa".
Probably we should start by explaining how the muslim slave trade of blacks enriched you
I agree. But such generalizations usually happen when a continent and any large region has more people of one _____ than another (skin color, wealth, religion, culture, etc)
@@neezduts_well they included Mauritius this time...
Not our fault when North African people and countries prefer to be refered as excluded Arabs or middle easterners.
North Africans call themselves Arabs and they are more well off
If a complex country like India with so much diversity from religion to culture, languages can grow... I'm sure nothing should stop African countries to develop
This documentary is spot on. As a Nigerian I must say, you concisely described the state of the economy of Nigeria as well as the rest of Africa.
This post is rather disingenuous, painting Africa on the whole as being poor because of corruption and lack of Governance. Lets not forget it was at the 1884 Berlin conference, when Europe carved up Africa for its natural resources without any Africans present. Many regions such as the Gold cost and Niger delta were wealthy and well run. After depopulation vis the slave trade and asset stripping, no wonder Africa is poor. With restrictions on exports and IMF loans keeping them in debt they are in a cycle of poverty. What they need is the ability to compete on a level playing field by being allowed to manufacture and export their own raw materials.
@@David-ox7ps "Many regions such as the Gold cost and Niger delta were wealthy and well run.", This is not true in any way, in the 17th-19th centuries while europe was experiencing industrial revolution, most city states in these regions were still relatively primitive. Slavery in these regions was rife way before and long after the europeans came and left. ALL SLAVES that were transported to the new world and europe were captured and sold to white slavers BY NATIVE AFRICAN slave traders and warlords. Slavery was so endemic in our cultures and societies that it took colonialism ( ironically) to officially abolish slavery in most colonies.
@@dekev7503 You need to check the facts. The Ashanti empire was formed just as the transatlantic slave trade was at its peak. They became wealthy and powerful selling Gold for arms - much of the Gold was stolen by the British. They had a sophisticated form of Government, infrastructure and thriving culture. It was primarily the Fante who sold slaves (Ashanti prisoners of war) to the British to keep them from accessing the African interior. The African slavery (which they have apologized for) was nothing compared to the inhumane chattel slavery practiced by the British, the largest slave traders. The Niger delta was rich in palm oil and prior to colonization, King Jaja of Opobo was keeping good company with Queen Victoria and sent his children to school in Britain. Colonization stripped Africa of its own natural resources, wealth was extracted and no infrastructure was put in place leading to decline in the local economy.
@@dekev7503 Development doesn't occur in a vacuum nor just for the sake of development. It is the need for survival which forces living things to innovate, change and develop. What you call primitive is as seen in a foreigner's eye. If those people were happy and prosperous in their are then there was nothing primitive about it. Did they need huge manufacturing industries, cars, etc, etc? Absolutely not!! What they had satisfied them which is what is important in life! Had they been left alone would they have eventually made their own "industrial revolution"? Most probably yes because their intelligence was/is no worse than any other people in the world!! Please lets not use the colonial narrative meant to demean other people!!
Wish a lot of prosperity to africa in the upcoming years
Great Video ! Thank you !
Good governance, low corruption & political stability are the 3 ingredients for any country's economic growth.
Look for a finger of the west if you hear of any underperforming economy.
You missed one ,the absence of traitors and bad external influences
You can add to your list, not going down the communism/socialism route.
@@marcq4106also pro west puppets put in power through coups financed by the west, then protected from civil rebellion by “UN Peacekeepers” or Foreign military bases
@@aking-plums6985 China - the second biggest economy in the world.
please do one on the Caribbean...great video!
Noo
It has to do with the vision of the leader in their commitment to improving the country for all people. This is what will encourage investors to build within that respective country.
And when the visionary leader goes what happens?? I'd rather have a better political and economic culture, a culture of solid institutions that are free from corruption and nepotism than simply a visionary leader coz the later can either die, get unelected or even disposed by his greedy army generals! But institutions and national culture sustains beyond individuals.
You should really look at the story of Seretse Khama. From marrying a white woman (which cost him his royal status) to fixing the economy overnight, it truly is an amazing story to read about.
True
Im from South Africa and we are not rich many of us are unemployed
Your kind is allergic to work
I think you forgot to
Mention the sanctions that Zimbabwe is under for 20 year since they took their land back from the colonizers that held their land
The land was given to incompetent locals. Exactly like what happened when Indians were expelled by Uganda. The economy crashed
@@varoonnone7159 then what is the point of sanctions, if the country was already set to fail, why continue to sanction them if they will fail on their own, why cause them to fail if they can fail by themselves...? or is it the West is afraid they will succeed and be an example to other African countries....
@@jertech8157
I'm in favour of rupturing all economic ties not sanctions specifically
Zimbabwe will never grow. Most of its inhabitants don't even know how to read and write
@@varoonnone7159 this just reveals your stup1d1ty, Zimbabwe is one country that has the best educated population on the African continent, thanks to Mugabe's policies on education. This is what the West is afraid of, what Zimbabwe will be capable of doing once the sanctions are removed. This just shows the insecurity and fragility of Western domination.
@@varoonnone7159You realize how blatant racist and ignorant that was. Have you been to Zimbabwe or are you saying this from what you heard without any actual proof. Zimbabwe has some of the best schools in Africa. They learn French or Portuguese in every private high school. Every school learns how to read and write English even those in the rural areas. 80% of the black people know how to speak two languages including English. There are massive populations of white, Chinese and Indians. So please and I don’t mean this with any disrespect can you research about a place before you say something like that because one day you might find yourself standing next to a Zimbabwean who has access to something you don’t and you would have missed an opportunity because you chose not to learn something before you misspoke.
How DRC isn't the richest country on the face of the earth is just shocking 🤷♂️🤷♂️
Yeah
My thoughts exactly 😢
"There is no doubt Africa is growthing"
South Africa is essentially a grant state. 40+% unemployment, electrical blackouts daily, corruption etc.
Say thanks to pik for prioritizing that waterkloof ridge mansion instead of economic access for the 80%.
Cool! Can you go into more detail about corruption+mismanagement? I think we’ll see a lot of involvement from the West i.e UK, EU, US regarding this!! Just so we have more context xx
Very good analysis of the current situation. Africa will unite and rise and become the greatest nation this world has ever seen.
Africa doesn't have a unifying element
Europe has Greco-Roman foundations, India has Dharmic foundations, even Han China has confucean foundations, what do Africans have in common ?
let's be a little bit realistic ... africa will be great if only the west falls
@@bebop355Asians do talk about unity. ASEAN exists. SARC also exists. Why do you care about unity in Africa?
There's a lot of crypto bot scams in the comments, just be aware.
Great insightful video, but one thing - Mauritius can neither be considered a typical African economy nor does it compare in size!
not to mention significant hindu population!!
@@shreyvaghela3963
the religion of the ppl doesn't Matter but the size of the country and its diversity is what counts
@@user-rl8hf8kt1r
Mauritius is the only Hindu majority country in Africa
Mauritius is also by far the most prosperous country of Africa and its only real democracy according to the UN
Coincidences don't exist
Why are you denying our merit ? I'm an Indo-Mauritian from a hindu background. Our non fanatical nature maintains stability and allows for prosperity
BTW, the list of the 500 best candidates at the A levels are published every year. Black Mauritians represent 28% of the population but only 7% of the 500 best
Indian and Chinese Mauritians are the doctors, engineers, lawyers and teachers. Without us, Mauritius wouldn't be as developed
@@varoonnone7159
i also live in African country of Algeria (we are a Muslim majority nation ) and we are 3rd in HDI on the continent but we have the highest life span in Africa and one of the last democracies.....so as you see we are deffrent than other Muslim African countries like chad wich is a hell hool....so it has nothing to do with religion....it has to do with other factors.....i don't care if you are Hindu or anything else....all humans are humans
@@user-rl8hf8kt1r
Oh please. I'm an Indo-Mauritian, I'm familiar with Algerians, I'm a lawyer in France !
Algeria is a military dictatorship where you made history by electing the first zombie, Abdulaziz Bouteflika
You sell oil and gas but manufacture nothing. Your GDP per capita at PPP isn't even half that of Mauritius
You have the third highest HDI in Africa but where Mauritius is 63rd in the world, you're at 91
Algerians in France have a reputation of being delinquents and Algerian minors are drug addicts in the public parks of Paris and Marseille
I'm sorry, but your propaganda doesn't work on us
And when it comes to religion, we Hindus have neither forgotten nor forgiven the thousand years of Islamic invasions of India
Algeria is an Islamic state, Mauritius is secular. Don't compare yourself with us
Reading the comments, I realize that this comment left out important socio-political nuances to simplify this video and make it more optimistic. However, it worked. This video made me very optimistic and happy.
Very insightful and entertaining. I loved it!
P.S: Am actually re-watching it since it was so good :)
But small note: Burundi is democratic
Very informative video but i cant help but to notice it completely ignores north africa
They are still trying to cut it out of Africa. Everyone still wants to claim Egypt.
The answer is: Educate your people and provide good leadership and support their intrests- THEY will make the country prosper.
Excellent session, very informative. Education is key.
I’m from South Africa, I hope the African continent stops exporting raw minerals and rather finish products that we can charge a higher price for
Please can you do an analysis of Vietnam next?
They rarely discuss North Africa; there should be more focus on it. When I mention being North African, people assume I live in an extremely poor country without food and water security-a stereotypical view of Africa. Why not acknowledge that some African countries are actually livable?
Most of the time most of Africa is grouped into sub saharan and north african
Nobody wants to live in the desert.I would rather live in subsaharan Africa especially southern Africa.
@@Meikles888I doubt you'd want that
@@abdulrahmanzubairu8371 it's more beautiful,been to Tanzania,Kenya and Rwanda..just took my breath away
@@Meikles888 are u assuming that north Africa is just a desert 💀jokes on you.. It's sm more than that.
Thank you so much for this🤝🏾
Interesting, though I'm still left with questions. Like how come some policies work in one country and not in the other? Why is there so much corruption in one state and not in the next?
If possible, it would be nice to have you explore such possible origins and explanations regarding this topic.
Culture. If you want to figure out where a society fails, look at culture. A country's culture will produce the leaders with the foresight to not burn their country to the ground for short term gains. The leaders themselves don't have to be some idealized saviors, just competent enough to keep laying down the foundations that will naturally lead to other leaders who can build on it. And culture being strong enough to weather adversity makes this happen. India got messed up by the British and they bounced back, even though they still have issues of their own. Other asian countries also won't stay down for long even when they fall. But another benefit is other places grow to compete with neighbors. Europe rose together. Asia rose together. African countries that rise get surrounded by failing nations they can't depend on for anything and have to guard against. Even if they get the culture aspect working, their neighbors house always being on fire screws them over too.
@@sianais but then the question arises, how do these cultures come to be? Is it really the culture that dictates the other factors or does culture get shaped by historical events and the brutality of the environment? Or maybe something else?
Rwanda is blessed.
You lost me at your caricature of left vs right arguments to explain Africa’s poverty. If someone’s has a better video to recommend, please comment cause this is not it.
Great content and explanation of African economies
Ihiii, I'm a Rwandan person and I see many people here are trying to insult our President, but what I can tell you is a n excellent President. As Rwandese people we are proud of him, he does very good to our country. He is developing our country at very high speed. Even if we are not yet developed at the level of Nigeria, South Africa or even Kenya, but we are develloping and we continue, and one day you will see our contry will be like Singapour!!! We hope that and we will reach that level for sure. And we are not at all in competition with other countries, we are only developping our country.
Honestly, I’ve read about Paul Kagame, and honestly I’m impressed.
When he came to de facto power in 1994 Rwanda was in ruins. Rwanda had been ruled since its independence in 1962 by despotic and corrupt dictators and then had a multi-year civil war which ended in one of the bloodiest genocides in history.
It would have been so easy for Kagame to enact a 2nd genocide against the Hutus after his victory in the Civil War, but he didn’t.
Sure some killings took place, but we didn’t see the state sponsored killings that took place under Bagosoro.
Instead he did his best to reign in enraged passions before setting about rebuilding Rwanda from the ground up into what it is today.
On Zimbabwe, former President Mugabe was a socialist thus his socialist policies. However its been changing since he was deposed by a coup, Zimbabwe is leaning more to a free economy with Australians drilling for oil, the British mining coal and many more but the main stumbling block are the Sanctions imposed on Zimbabwe after the Land reform program.
Am glad you mentioned that , how the narrator casually omits that shows the bias and narrative being pushed.
Well return the land to rightful owner
Land Reform Program is that what they are calling a genocide now.
People don't want to work with counties that openly kill people. Especially Farms growing your food. Then you cry that you're starving haha.
@@DuyPham-xd8lp They have been desperately doing so. Zimbabwe is paying billions of US Dollars and giving the land back to the Rhodesians from whom they stole it from in a desperate attempt to restart their Farming industry. And from the sheer amount of farming equipment and tractors they're importing from South Africa these days, it might just work
How's the Zimbabwe currency value situation? What's the highest denomination is use?
I have always believed that the voting system will not work until the economic problems are solved. The rotation of political parties in many African countries will reverse the decisions of previous governments. As a result, few countries are willing to make long-term investments in Africa. I am a Chinese engaged in infrastructure construction in Africa. A project I was working on was put on hold for two years due to a change of political parties. Only recently did the government reopen after extorting millions of dollars. However, material costs have almost doubled from two years ago, all borne by the state. The country is not rich and only politicians benefit.
Sounds like Nigeria.
Democracy is not the problem, it's the sham democracy that is.
yes of course you believe the voting system doesnt work, you're chinese. if i may, i dont really believe infrastructure projects are necessarily negatively impacted by any one kind of governance (there are plenty of examples of good, long-lasting efficient infrastructure projets everywhere in europe, all of them in democratic countries, just as much as an authoritarian country like china). it really is just a question of actual internal policies to mitigate the problems of corruption or an absence of vision from politicians. these are things that aren't really related to any specific kind of governance. and no, authoritarianism doesnt automatically grant that, the world isnt that simple.
@@MrRemi6464 Equating democracy with voting is ridiculous
@@MrRemi6464 In fact, Western developed countries also face the problem of slow progress and budget overruns in public construction projects. Unlike Africa, they are richer. Overspending will only cost more money, but this will be fatal for Africa.
@@user-fg6uq9ce3h that’s besides the point. and « westerner » is so vague lmao, your geography skills are about as good as an american’s
Intellectual poverty manifests as physical poverty. It is not a coincidence that the world's smartest people are also the wealthiest. If you can't image it, you can't create it and if you can't create you can't not add value.
Seems like a gross exaggeration ,and quite bigoted. Africans are as smart as Europeans, or Asians, or Latinos. The difference in any of this is access to education, resources and infrastructure.
Very Informative
okay to be honest: your general point is correct: even though a lot of countries would have been quite similar when they got their independence. That is not case anymore today. sure. however: you can hardly argue that south africa is a economic succes: yes it might have looked that way when the abolished apartheid, but not anymore. South Afica's GDP stagnated since 2010. also the amout of governmentcorruption is way too big.
The South African economy is still successful and growing despite the government. Even with the high levels of corruption, the South African economy is still growing through the sheer stubbornness of the South African people, who refuse to give up despite the ANC Government and the rest of the world's best attempts to dissuade them from trying.
Seychelles`s GDP per capita is higher than Mauritius. You made a whole ass video about the African economy and didn't mention Africa's strongest economy
It's not the strongest 😂 for example Lichtenstein may be the richest country in the world per capita, but it's not the strongest
Seychelles is a tiny island with less than 100k population that relies mostly on tourism, just like the Maldives.
Strongest economy should be based on manufacturing base because that make a lot of things affordable for the locals, big GDP Per Capita with high priced goods might be backward
Good Government and quality education for everyone is the key. The former will direct the economy and invest in the infrastructure needed. Keep outside influences outside of your country.
This is true,what ails most African countries is leadership and poor policies.If we get leadership right,reduce unemployment which is the current time bomb,Africa will be the destination..Lastly Africans need to slay Corruption.[Kenyan]
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life
Bot alarm
Cpmparing big nations like tanzania , ethopia is too simplistic and myopic it's easier o manage a tiny island nation compared to a big vast country..
Tanzania is large geographically.
Corruption made a country like South Africa where it is today economically
i wish you could mention North african countries and how their economy is :( you could take few examples from there
Zimbabwe has a very good leadership....the Colonists was spiteful and the Economic Sanctions slowed their Economy but Mugabe did well under Sanctions to maintain their Economy...The Colonist were more cronies
Oh please. Your elementary school teacher leader was chronically incompetent
@@varoonnone7159 then what is the point of the sanctions then but to keep a truly independent African country down, its been two decades already
@varoonnone7159 Correcting and educating ppl about misinformation...If you think logically the Europeans Ancestors and present practiced improper and unfair trade practices....If an African country decides to make a positive change for the betterment of their ppl...Europeans countries react negatively with Sanctions, Military and or favor someone who don't have the the ppl of their country at heart...Sanctions breads corruption within and with ppl of International Interest...Zimbabwe has done well to maintain its Public, Education and Industries intact...Zimbabwe regime over the years being Sanctioned was resilient and learned to create a Black Market economy to perfection...It is ironic Western Companies are aligned to this Black Market...Zimbabwe gold and diamonds are considered of the finest quality...Lately with the assistance of Russian farning machinery Zimbabwe Agricultural Sector is seeing a huge turnaround...As in anything progressis being seen from their decision of taking back the Agricultural Lands...Only a leader of vision can accomplish this...in the face of controversy....
@@jertech8157
Why don't you grow despite the sanctions ? Oh wait. You depend on the West
@@varoonnone7159you keep hauling insults about things you know very little about. I don’t know why but I guess you consider Zimbabwe doing what was best for its people as stupid. It had to be done. You haven’t provided adequate information to suggest why you think what you do besides insulting the people you are talking about. It’s easy to claim something when you haven’t been in the country. Regardless of what this video suggests Zimbabwe actually is growing and developing.
Great video! As a Rwandan I can confirm that great governance is what brought us from the abyss and to where we are now as a country. We still have a long way to go to achieve development, but we trust Kagame to get us there, as long as he is alive and willing to rule us, we will vote for him and support his policies.
Im proud of Rwanda really happy for u guys, , SAn here
So Egypt and Nigeria are apparently poor from the thumbnail.
I think Africa countries want to shut themselfs out from the world but the world won't let them😊
This very informative video reinforces the central thesis of the book "Why Nations fails" of Daren Acemoglu and Robinson. Nations fails or thrive not because of natural ressources, geography (having access to see or not), or history (having been colonised or not) but first and foremost because of INSTITUTIONS. Countries with public institutions that create incentives for people to start businesses in free markets by protecting private property and the fair application of contracts and justice have higher chances to attract foreign (and local) direct investments which will create businesses, reduce unemployment, foster innovation and increase standards of living for people. It is as simple as that. This is why corruption and bad governance lie at the root of failed nations.
Why is P(urchasing)P(ower)P(arity) is being used? Size and growth of economy can be measured only in nominal values, leaving PPP for comparison in costs of living.
5% growth rate does not matter when the amount of government funds going in the pockets of corrupt officials increase
Mauritius has a tax heaven economy, which is inflated by artificial foreign investment.
Yes Seychelles is turning into the same
@@marshalljulie3676
in such a economy........most money goes to foreign investors eny way
Interesting. Thanks for the insight. 👍
Mauritius is not on the EU's grey or black list.
The finance industry isn't even one of our main sectors. It comes after manufacturing, tourism, sugar, IT and back office outsourcing
@@bliss252
What insight? He is wrong
This analysis leaves a lot history and psychological (ptds)effect, the unwillingness of multinationals to trade fairly and influencing coups on those who wanted to do best for their countries best on policies not favourable to those companies that are based in western countries.
Unfortunately this isn’t just limited to Africa or even economically less developed nations, this is a worldwide problem.
@@BlackDoveNYCAfrica is prone to unfair trade deals than any other continent on the planet because of the way things are set up.
The coup's are executed by cheap mercenarian locals, that's why they succeed. With no willing takers, the desires of foreign business interests remain theoretical, at least in theory😀😀
Thats the exact thing thats opened a window for China to do trade with alot of African countries right now, negligence of alot of Western powers
Bingo, impossible for African to get a fair shake when they haven’t been able to defend themselves from the west meddling . And the moment he brought Zimbabwe I lost interest, these Propagandist always leave the fact its was sanctions by USA that crippled them in the first place .
Africans,can come to school in Eastern Europe, schools are free, health care is free, in Eastern Europe we have the lowest unemployment rate, shops are open on Sundays, you can earn extra money on weekends. Eastern Europe, Intermarium countries need workers for factories in industry, processing, for highway construction, road traffic, paving stone sidewalks, infrastructure.
His "review" of many of these contrastive national pairs completely ignores the intense punishment that key Atlanticist powers applied via sanctions, insurgency sponsorship, direct intervention and financial destruction operations on all the countries that attempted socialist-style reforms.
I think we should look back at how TANZANIA was generous to use her money to help other African nation to achieve their independence. But still Tanzania managed to get up and her economy is amazing now. On the other hand, Kenya was doing nothing in helping other African nations by that time. Now, Kenyan's money is in corrupt politicians while in Tanzania, anyone who works hard, becomes rich.🇹🇿 Is far more better than🇰🇪
Is this a joke?
Generosity!!!??? Countries should not be generous, they should only focus on their interests. The worst thing Nyerere did to our mother Tanzania was turning his generosity into a Tanzanian agenda. He stagnated our economy because of his generosity.
Story za jaba😂
Maybe in another video, you can explain, How Rwanda is the first country exporting coltan when the world reserves are located in Congo ?
Many dont know that rwanda is stealing from ITS neighbours
What good economies have in common? they are small, Small is Beautiful.
The context is misplaced. Countries like Tanzania and Zambia never compromised in their fight for the liberties of other African countries. Kenya and Malawi compromised by embracing oppressors that time. It's not about socialism and capitalism but the bad or good relationships countries had due to the independence struggles in their neighboring countries. Otherwise, we should be talking about development now after years of independence
Yr title is misleading. There is no insanely rich country in Africa. Rwanda is a poor clean country with good governance. It attracted investments but pe Capita is less than 1000 usd
Bro has no idea what Socialism is.
Its time for Africa 🌍
An estern Europe economy boos whould be a great video .
Speaking french seems to hold the northern ones back. Or maybe it's climactic, raiders from the sahel.
Côte d’Ivoire and Gabon are richer than Nigeria and Ghana per Capita. Nothing to do with language. The Sahel region is so poor due to terrible geography, terrible climate and Islamic terrorism.
& Neo colonial, Cfa wher people are not allowed to mismanage their funds, others are overthrown because for uranium that could be used for nuclear. U cannot deny the ptds.
Algeria, Morocco, Tunisia?
Everyone needs more than their salary to be financially stable. The best thing to do with your money is to invest it rightly because money left for savings always ends up used without returns
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Use your job to finance your goals✅
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I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
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The Africa we all want to see unfortunately is not in our field of view, at the point where the continent is, that future is as real as a unicorn or santa clause.
i know a quick reason to that, that is because at north it is desert and at south it's hilly jungle and savannas
This is a great video 👏
I'll paraphrase Michael Parenti. Those countries aren't poor. The US and European states have made a TON of money from those countries. You don't go to a poor country to get rich. You can, however, have most of a country be poor while its wealth goes to the pockets of a few in the modern era-locally a few client regime leaders, and externally to transnational corporate oligarchs.
shh. the westerners are propagandizing their narrative of africans should be independent and rely on their respective european powers for growth
You, leftist, forget to mention that most west african countries are highly corrupted. You, guys, always have in mind the part where you can target western countries.
Always remember that there is a country called Namibia. And it is well organised with working government institutions.
The main problem is population. People have kids but no money to raise each to an advanced academic university level. Tons of unskilled labour
I think it would be better to use income equality is an indicator of how well these countries are performing. Using all the same indicators to evaluate progress in developing nations as those used for highly industrialised and developed nations makes little sense in my opinion.