Embarrassing? How Long It Takes China To Create The Equivalent Of An African Economy

Embarrassing? How Long It Takes China To Create The Equivalent Of An African Economy
African countries can learn a lot from China

AFRICANGLOBE – Greece requested a new euro 29 billion bailout deal from the Eurozone, just hours before missing a deadline to pay $1.8 billion to the International Monetary Fund (IMF) expires.

In so doing, Greece became the first developed country to miss a debt payment to the IMF, putting it on the same list as nations like Zimbabwe, Sudan, Somalia, Iraq, and Afghanistan.

A referendum on Sunday will ask Greeks whether they want to accept the tough austerity conditions creditors have are demanding in exchange for continued loans, and some say it is essentially a vote on where to stay with the Euro. Regardless of how the vote goes, Greece is in for a tough time ahead.

If Greece exits the common currency, it is likely to have a knock on effect not just on Europe, but on the global economy as well, and Greece’s creditors such as the European Central Bank would face immediate losses.

Still, Greece makes up just 2% of the Eurozone economy, so comparatively small that Jim O’Neill, former head of economics at Goldman Sachs, once calculated that China created an economy the size of Greece every three months.

Between 2012 and 2013, China’s economy grew by $1 trillion, from $8.2 trillion to 9.2 trillion.

We apply the same calculation for African countries using data from the World Bank, and see how long China takes to create economies equivalent to African countries’ (all 2013 figures).

China would take more than a month to create economies in just five countries – Angola, Algeria, Egypt, South Africa and Nigeria. But for the majority of countries, China creates the equivalent of their economy in weeks, days, and for some, even hours. Some of the numbers might be embarrassing for good Africans.

Country GDP ($ billion, 2013) China’s equivalent time to create 
Algeria 210 2.5 months
Angola 124 1.4 months
Benin 8.3 3 days
Botswana 14.7 5.4 days
Burkina Faso 12.8 4.7 days
Burundi 2.7 1 day
Cape Verde 1.8 16 hours
Cameroon 29.5 1.5 weeks
Central African Republic 1.5 13 hours
Chad 13.5 5 days
Comoros 0.6 5.3 hours
Congo, Dem. Rep 32.6 1.7 weeks
Congo, Rep 14.0 5.1 days
Cote d’Ivoire 31.0 1.6 weeks
Djibouti 1.4 12.4 hours
Egypt 271 3.2 months
Equatorial Guinea 15.5 5.7 days
Eritrea 3.4 1.2 days
Ethiopia 47.5 2.4 weeks
Gabon 19.3 1 week
Gambia 0.9 8 hours
Ghana 48.1 2.5 weeks
Guinea 6.1 2.2 days
Guinea-Bissau 0.9 8 hours
Kenya 55.2 2.8 weeks
Lesotho 2.3 20 hours
Liberia 1.9 16.8 hours
Libya 74.1 3.8 weeks
Madagascar 10.6 3.9 days
Malawi 3.7 1.3 days
Mali 10.9 4 days
Mauritania 4.1 1.5 days
Mauritius 11.9 4.4 days
Morocco 103.8 1.2 months
Namibia 13.1 4.8 days
Niger 7.4 2.7 days
Nigeria 521 6.2 months
Rwanda 7.5 2.7 weeks
Senegal 14.7 5.4 days
Seychelles 1.4 12 hours
Sierra Leone 4.1 1.5 days
South Africa 366 4.3 months
South Sudan 11.8 4.3 days
Swaziland 3.7 1.3 days
Sudan 66.5 3.4 weeks
Tanzania 43.6 2.2 weeks
Togo 4.3 1.5 days
Tunisia 46.9 2.4 weeks
Uganda 24.7 1.2 weeks
Zambia 26.8 1.3 weeks
Zimbabwe 13.4 4.9 days

 

 

By: Christine Mungai