The average resident of Africa earns about 5 percent of the per capita real GDP of a
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The average resident of Africa earns about 5 percent of the per capita real GDP of a U.S. resident. Furthermore, his or her situation has not been improving. In 1970, 10 percent of the world’s poorest people lived in Africa. Today, Africa is home to about 50 percent of the world’s poorest people.
Given that Africa has vast human and physical resources, what is holding back the region’s economic growth?
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A fundamental factor is dead capital Less than 10 percent of the continents l...View the full answer
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