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What lesson for Africa''s development can be learned from the southeast Asian economic miracle?
Wiki User
∙ 11y ago
Whole books have been written just to answer this question, but very, very briefly a few lessons should be:
- the old-fashioned form of aid has been counterproductive. It is like telling a kid to grow up and be responsible while giving him a 1,000 dollar monthly allowance. Moreover, it breeds a 'spending' culture instead of an investment culture
- southeast Asia has developed itself with a fraction of the foreign aid that Africa has been getting by focusing on "bottom-up"-development, thereby creating domestic consumer demand, by focusing on business development and on end products and technology instead of producing and exporting raw materials
- they have not wasted huge amounts of resources and manpower on civil and inter-state wars; nor created political disturbances and an unsafe investment climate in the name of acquiring of holding on to political power
- southeast Asia has always been very alert as to the kind of production and jobs they might take over from Western industries by delivering a comparable quality output at a lower cost.
Wiki User
∙ 11y ago
One lesson Africa can learn from the Southeast Asian economic miracle is the importance of long-term planning and stable economic policies to attract foreign investment and promote economic growth. Additionally, fostering a strong focus on education and skill development can help drive technological advancements and innovation in key industries. Finally, creating a conducive environment for entrepreneurship and innovation can lead to increased economic diversification and sustainability.
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