Next 40 Years Will be Africa’s Years, Says Professor Jeffrey Sachs

The world-renowned professor of economics, leader in sustainable development and senior UN advisor, Professor Jeffrey Sachs said that the next 40 years will be Africa’s years.

The Office of the Prime Minister launched and held the first “Perspectives” – PMO Occasional Lecture Series today featuring world renowned development economist Professor Jeffrey Sachs.

In a lecture he gave to a high ranking government officials, diplomatic corps and other invited guests at the Science Museum, the professor highlighted Africa’s growth prospects for the next 40 years. For him, the next 40 years will be Africa’s years.

ENA quoted Professor Jeffrey Sachs as saying: “My deeply held view is that the next 40 years will be Africa’s years. This will be a period of tremendous development soon. I think it is soon, within the coming decade. Everyone will want to rush here because this will be the fastest growing part of the world economy.”

Comparing Ethiopia with China, Professor Sachs noted that China achieved economic growth, averaging around 10 percent per year of economic growth phenomena.

And when anything grows at 10 percent in a year, it means that it doubles in seven years. So, China achieved that growth over 40 years; and Ethiopia can in effect replicate China’s miracle, he elaborated.

“I believe that Ethiopia can sustain, and indeed raise this growth rate during the next four decades,” the economist pointed out.

The event under the theme “Financing Sustainable Development: Challenges and Prospectus in a Fragmented World” was organized by the Office of the Prime Minister.