Fiscal policy options for G20
In this post, Fabrizio Carmignani considers the global macroeconomic context of this year’s G20 meetings. In the face of sluggish GDP growth, and increasingly limited space for further monetary policy manoeuvre, Carmignani outlines potential fiscal policy options for G20 governments to consider individually, and collectively.…
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 past and remains true for Africa today.
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Capital flight perpetuates Africa’s dependence
Traditionally strategies aimed at accelerating economic development in Africa have focused on strengthening domestic resource mobilization and attracting more external capital to fill the large financing gaps faced by the continent. Much less attention has been paid to the illicit export of Africa’s capital – capital flight. This approach has perpetuated Africa’s dependence on external financing while ‘normalizing’ the plunder of Africa’s wealth through unfair trade and illicit financial flows.
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Africa agenda on existing platforms
Germany’s assumption of the G20 presidency kicked off on 1 December 2016 with a concerted presentation of its priorities, as the multilateral economic and financial forum looks towards its Hamburg Summit of July 2017. Of note among these priorities is the Compact with Africa through which Germany seeks to intensify partnerships with Africa
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Africa affects the world
Africa has recently gained a lot of attention in international politics, particularly in Germany and the European Union. However, various unknowns on the African continent and Africa’s complex interdependence with world politics leave many question marks for inter- and transnational cooperation. It is certain that sustainable development in Africa will only be achieved through structural political and economic Transformation.
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