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AFRICANGLOBE - Aid is effectively flowing in reverse. Rich countries aren’t developing poor countries; poor countries are developing rich ones. In 2012, the last year of recorded data, developing countries received a total of $1.3tn, including all aid, investment, and income from abroad. But that same year some $3.3tn flowed out of them. In other words, developing countries sent $2tn more to the rest of the world than they received. If we look at all years since 1980, these net outflows add up to an eye-popping total of $16.3tn – that’s how much money has been drained out of the global south over the past few decades.
AFRICANGLOBE - Africa still has huge potential, with its rapidly growing working age population and huge relatively unexploited market of more than 1-billion people. Now, if ever, is the time for its economies to implement structural reforms to speed up growth and cut poverty.
AFRICANGLOBE - It's that time of year again when the OECD, AfDB and UNDP release the Africa Economic Outlook; a weighty 300 page publication which, according to its own editorial, "probes how Africa can make the most of global dynamic forces to promote inclusive growth and create jobs."