Thursday, 22 July 2010

July 22, 2010 - Majority of Asian countries have managed to double their economic growth every ten years. Some economic analysts argue that those countries registered such a remarkable growth because they have been implementing the neo-liberal political and economic principles.

Contrary to this, Africa has been registering extra-ordinary development since it begun implementing developmental politics some ten years ago.

A conference deliberating on ways of ensuring sustained economic growth in Africa is is held in Madrid, Spain.

Prime Minister Meles Zenawi who attended the conference said the neo-liberal ideology has failed to bring about the desired level of economic growth in Africa as the one witnessed in Asia.

Those analysts who were in favor of the ideology have now confirmed that neo-liberal principle even did not bring about peace, democracy and good governance in the continent.

According to the Primer, the neo-liberal ideology has come to an end in the context of Africa.

Currently let alone Africa, even developed nations who brewed and cultivated neo-liberalism, said the ideology has caused the recent global economic crises.

The ideology is now phasing out not only in Africa but also in Asian countries.

African countries have now formulated alternative mechanisms in which they can form strong governments.

Tanzanian president Jakaya Kikwete also reaffirmed that developmental politics is the best option for Africa.

According to the President, African countries are registering an average of five per cent economic growth every year.

Spanish Prime Minister, Zapa Tero for his part said developmental agendas for Africa should take into account the interests of the continent.

Africa is registering better economic growth even at this difficult time when the global economic meltdown is prevalent.