Global Debate WISDOM

Africa, the Global Future Economy

Africa, a land which was covered long by the images such as poverty and conflict, is now entering a period of economic growth on a scale previously unseen.

Last year, there was a 6% increase in the economic growth of Africa. A South African major bank has predicted that by the year of 2015, the "middle class"; annual income being between $3,000 and $25,000, is going to be as many as 100 million people over Africa. The world is now paying full attention to the high potential African economy, for it having a rich supply of natural resources, young labor population and a massive billion-consumer market.

Developed nations that are struggling to revive their economies, and emerging nations with weakened economies, both are in the middle of a battle over consuming Africa's growth.

For instance, notably, China has the highest share of trade with Africa. Not only the emerging nations such as India and Brazil, but also the Western nations are rapidly increasing their trade with Africa, which is now known to be "the last frontier", is also now becoming the "threshing floor" of developed nations and emerging nations. One may say that Africa is now becoming the stage to define the future of global economy.

On the other hand side, we can hear voices of dissatisfaction from African nations. Some point out that global corporations are only seizing resources and that benefits are going only to limited wealthy classes. Other point out that the Chinese way of supporting corrupted authoritarian governments in order to obtain their resources can be "neocolonialism". Also, in contrast with it's high economical growth, some say that income gaps are only widening and that poverty issues are not solved. How can Africa cast off from it's "paradox of plenty"? How can the international society build a new business model with a healthy relationship?

From June 1st to June 3rd, TICAD V, which stands for"5th Tokyo International Conference on African Development", will take place in Yokohama, Japan. The topic is "Hand in Hand with a More Dynamic Africa". On such a milestone when thousands of people are assembling from around the globe, Global Debate WISDOM will be debating on how Africa can move on to a business partner instead of being on aid, and how Japan and other developed nations, emerging nations can establish a win-win relation with Africa.

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