Africa Can Develop Faster than Developed World

By John Fraser Reprint | | Print |

JOHANNESBURG, Dec 28 2012 (IPS) - Africa presently only contributes about three percent of global GDP, with South Africa contributing around one percent.

And for the last five years the European Union has been negotiation Economic Partnership Agreements with the Africa, Caribbean and Pacific states, which will replace the current trade order.

Johannesburg-based independent analyst Ian Cruickshanks told IPS that he welcomed the prospect of South Africa facilitating a closer link between Africa and the Brazil, Russia, India, China and South Africa (BRICS) alliance.

“But Africa has the potential to advance faster than the developed world, provided that there is better access to capital, and this could be tapped through the BRICS industrial powerhouses,” he said.

Photos and captions: Kristin Palitza/IPS