1945

Capital Flows and Economic Transformation

Africa needs economic transformation in order to achieve sustainable growth and reduce its dependence on primary commodity production and exports. Economic transformation is a process that alters the relative contribution of economic sectors to GDP and employment over time. This process occurs through two main channels: first, reallocation of factors of production from less productive sectors to more productive ones; and second, diversification of the economy away from primary commodity sectors (agriculture, oil and minerals) into industry and services (Berthelemy and Soderling 2001).

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